Our latest #GOPCThread is available on Twitter, as we take a closer look at an issue that is affecting many cities neighborhoods throughout Ohio, rapid increases in property taxes related to sudden increases in property value.
Not on Twitter, the thread is available online , as well as below.
Greater Ohio Policy Center Read on Twitter
Today’s #GOPCThread is focused on an issue that is affecting many cities neighborhoods throughout #Ohio; Property values that are stagnant or losing value. But not all; a handful are experiencing rapid increases in property value.
The Geography of High-Poverty Neighborhoods - The View from Ohio (source eig.org)
Residents and advocates are worried that long time homeowners in these neighborhoods are at-risk of displacement due to increased property taxes, as a result of overall neighborhood market strengthening #GOPCThread
Property tax relief was a universal concern in a recent study of @CityofCleveland ‘s tax abatement program. Council members, residents, private sector folks have all said longtime homeowners in hot neighborhoods need help. #GOPCThread
Cleveland Tax Abatement Study Shows Inequality is Increasing, More Development Tools are Necessary (source clevescene.com)
Currently, #Ohio has the #HomesteadExemption, a provision that assists low income seniors and disabled Ohioans. While helpful, it doesn’t help all Ohioans struggling under the weight of increased property taxes #GOPCThread
Real Property Tax - Homestead Means Testing (source tax.ohio.gov)
In #Ohio, state law dictates how local governments administer taxes. A property tax relief program—similar to what other cities and states have—will require state authorization of a local or statewide program #GOPCThread
Bills introduced by @SenSWilliams (SB 273) and @HearcelCraig (SB335) offer possible solutions by capping the amount property taxes can increase year-to-year #GOPCThread
SB273 - https://bit.ly/2ZfOq9C
SB335 - https://bit.ly/3m2xfly
SB273 (Senator Sandra Williams)
SB335 (Senator Hearcel Craig)
.@GreaterOhio is working with #AffordableHousing advocates from around the state who are committed to finding solutions that will keep Ohioans in their homes #GOPCThread
As the #pandemic drags on, 43% of counties nationally expect revenue shortfalls, and that the expected drop in revenue is because of anticipated nonpayment or deferral of taxes. This is a people problem, not a property-problem. #GOPCThread
No Foreclosure Crisis In Sight But Property Tax Revenues Still Falling (source forbes.com)
A targeted relief program that focuses on the individual, not the property, is what is most needed to help address this program. #GOPCThread
Any property tax relief program will have to balance relief to homeowners while maintaining sufficient revenues to schools and other taxing districts that receive property tax revenues or levies (like park systems, hospital systems, human service boards) #GOPCThread
If you are concerned about rising property taxes in Ohio’s hot markets, you can tell us your story and sign up to learn more about statewide efforts to find an appropriate solution #GOPCThread
Sign-on to Support Property Tax Relief in Ohio (source greaterohio.org via docs.google.com)