Elimination of Tangible Personal Property Tax
The 2006-2007 budget eliminates the tangible personal property (TPP) tax but provides funds to hold harmless local governments and public libraries from the impact of this change on local levies through 2018.
Fact sheet about the elimination of the TPP
This document provides important information on the replacement of tangible personal property (TPP) tax for libraries with local property tax levies. Although all of this information is important, please pay particular attention to the 3rd paragraph on the 4th page of this memo. This paragraph explains the differences between the "tax year" and the "year that taxes are paid" for public utility, real, and tangible property. Tables 2a and 2b should be particularly helpful in understanding this aspect of TTP. The last paragraph of this memo requests that libraries direct any questions on this issue to the Ohio Department of Taxation by using the following email address: tpp@tax.state.oh.us .
Please copy your questions to Lynda Murray, lmurray@olc.org and forward any response to her as well. This is all new information, and it will be helpful to all public libraries.
Libraries who have passed levies in 2005, prior to September 1, 2005, MUST REPORT THEIR LEVY TO THE DEPARTMENT OF TAXATION BY SEPTEMBER 1, 2005 IN ORDER TO RECEIVE THEIR TPP REIMBURSEMENT. This reporting must be done on a DTE-140 form. The OLC is working with the Department of Taxation to monitor and make sure that all libraries with levies passed in 2005 prior to September 1, file this DTE-140. Affected Libraries will receive a form and instructions on filing.
