COLUMBUS, Ohio (WCMH) — Property tax increases should be capped for households who are at — or below — their county’s average median income, says an Ohio senator.
On Monday, state Senator Hearcel F. Craig (D-Columbus) announced introduction of legislation to put a cap of 5% on property tax increases for these households.
Craig says that homeowners have seen their home values increase quickly, and some are struggling to stay in their houses due to property tax hikes.
“This legislation targets the families that are most in need to ensure they are able to budget their property taxes from year to year,” Craig said.
The State of Ohio would refund the local authority for the lost revenue, under Craig’s proposal. Every income eligible homeowner who receives the owner-occupied credit, and who has not purchased a new home, would be eligible for the property tax cap within this legislation.
“As our region continues to grow, no homeowner or family should be priced out of prosperity,” said Craig. “Our goal is to keep people in their homes and continue to provide ladders of opportunity for all of our residents.”
“A home is often a person’s biggest investment,” said Franklin County Auditor Michael Stinziano. “It’s where families are built and lives enriched. It determines what schools your kids attend, the food you can buy, and even your overall health.
“That’s why we can accept nothing less than full housing equality for all the residents of Franklin County — which means residents can afford to stay in their homes. This legislation is a good first step towards addressing the issue for an estimated 260,000 Franklin County households,” Stinziano said.