Schaffer Supports Billions In Long Term Tax Relief For Ohio Property Taxpayers

COLUMBUS—State Senator Tim Schaffer (R-Lancaster) and the Ohio Senate passed four major reforms to Ohio's Property Tax Laws, "ending the unfair practice of runaway tax increases without votes from the people," Schaffer said.

This will save Ohio's property taxpayers $2 billion over three years as the changes take effect.

The Senate acted to pass reforms in five key areas.

• House Bill 129: Prioritizing property tax relief for Ohioans who own and live in their homes. Homeowners will see the owner-occupied tax credit increase from 12.5% to 15.38% over the next 4 years. This will provide up to $400 million of property tax relief for Ohio homeowners while the nonbusiness property tax credit is phased out.
• House Bill 129: Making existing Emergency and Substitute levies subject to the tax reduction factors.
• House Bill186: Capping the growth in property taxes due to reappraisal to no more than the cumulative rate of inflation over the previous 3 years.
• House Bill 309: Empowering County budget commissions to reduce unnecessary or excessive property tax collections.
• House Bill 335: Capping the basic automatic growth of inside millage to no more than the cumulative rate of inflation over the previous 3 years.

"These property tax reforms will provide relief for taxpayers all across the state and fight against unvoted for tax increases," Schaffer said. 

Schaffer cited statistics that reveal more than 70% of all property tax revenue goes to schools.

Earlier this year the Ohio Senate passed two veto overrides that eliminate:Substitute emergency levies.
Substitute replacement levies.
These levies fall outside of the anti-inflationary guardrails of existing law and contributed to shocking property tax bills for taxpayers. 

Senator Schaffer and the Senate will continue exploring additional reforms to Ohio's property tax system to reduce Ohioans' property tax burden.
 
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