New land rates to impacts schools

YOUNGSTOWN — The evaporation of $547 million in Mahoning County real-estate value will result in varying and sometimes uncertain amounts of revenue losses for the county’s public school districts, school treasurers say.

The deflation in the real-

estate market, which has accompanied the recent recession, is unprecedented in the tenures of several of the county’s longtime school treasurers.

“Never have I witnessed this before,” said Richard Santilli, Boardman schools treasurer for the past 21 years. “I’ve witnessed slight increases, but never a decrease before.”

Santilli expects his district to lose some $246,000 in revenue from unvoted millage, known as “inside millage.” Santilli said he believes revenue from most of the Boardman schools’ voted millage will remain intact.

Some 68 percent of real-estate tax revenues go to public schools, said Daniel R. Yemma, county treasurer.

In Ohio, school districts with higher total real-estate

valuations are funded primarily by property taxes, and those with lower valuations are funded primarily by the state.

For the complete story, read Sunday's Vindicator and Vindy.com