Governor Mike DeWine has signed Ohio’s two-year operating budget, House Bill 96, into law. This budget outlines policy and funding decisions for the state through 2027, with a total appropriation of approximately $200 billion in state and federal spending. The Governor issued 67 vetoes, marking his highest number since taking office in 2019. However, lawmakers have the ability to override these vetoes with a three-fifths vote in each legislative chamber.
The final version of House Bill 96 includes significant measures such as an income tax reduction and funding for a new stadium for the Cleveland Browns. Additionally, there are notable changes in housing policy and economic development sectors.
One area of focus during the budget process was reforming Ohio’s property tax system due to rising property taxes impacting home affordability. Despite proposals from the legislature to control this growth without voter approval, Governor DeWine vetoed these reforms. Instead, he proposed forming a working group of legislators and experts to explore potential solutions.
Throughout the budget negotiations, Ohio REALTORS worked to protect and advance key provisions affecting housing and real estate development. The final budget reflects several REALTOR-supported priorities designed to bolster the real estate industry and support homeownership.
Significant elements included in the budget cover various aspects of housing and development:
– Adjustments were made to the successful Ohio Homebuyer Plus Program.
– Control over the Ohio Housing Trust Fund remains centralized.
– Clarifications were provided on written representation agreements between REALTORS and clients.
– The threshold for referendum petitions on zoning amendments was increased.
– New rules allow local building departments to use third-party inspectors.
– Funding was allocated for brownfield remediation, historic building rehabilitation tax credits were increased, and new grants were introduced for residential economic development districts.
Furthermore, income tax rates will be reduced from 3.5% to a flat rate of 2.75%.
Ohio REALTORS expressed their commitment to ensuring that these policies yield positive outcomes for property owners, homebuyers, and communities across Ohio. They plan to continue collaborating with state leaders and partners on sustainable housing solutions.
