County Auditor Karen T. Bailey is in the process of removing the value of all grain bins from the real estate tax rolls. Based on a recent court case (Metamora Elevator Company vs. Fulton County Board of Revision), the Ohio Supreme Court defined the term “business fixture” to include grain storage bins. This means that grain storage bins are considered personal property and not subject to real property tax.
The definition is three-fold. 1) It must be a grain bin, 2) it must be modular/portable and capable of being assembled and disassembled, and 3) there must be a market for the personal property. This makes the decision applicable to both commercial and agricultural properties.
According to Bailey, Champaign County currently has 7,760 grain bins totaling $5,403,490 of market value and $1,891,222 of assessed value. The total reduction in taxes county-wide is $84,518.66 (using existing tax rates). The change will be effective Jan. 1, 2015, so taxpayers will see the tax reduction in their tax bills issued in 2016.
Bailey said the grain bins will remain in the real estate system, but their value will be zero.
For further information, contact the county Auditor’s Office at 937-484-1531 or email the auditor directly at [email protected].