North Columbus News

Ohio REALTORS has expressed support for Senate Bill 66, aimed at reforming property tax legislation to protect homeowners from rising property taxes due to increasing property valuations. The organization presented its case before the Senate Ways and Means Committee.

Homeowners in Ohio, particularly those on fixed incomes, face challenges with escalating property tax bills. These increases are largely attributed to the 20-mill floor rule and exemptions from HB 920 tax reduction factors, which permit many school districts to raise additional revenue without voter consent. Presently, 86% of Ohio's 611 schools operate at the 20-mill floor, leading to unchecked tax growth that affects affordability and financial stability for homeowners.

Scott Williams, CEO of Ohio REALTORS, stated: "SB 66 is an important solution because it would include emergency, substitute, and income tax levies in the calculation of the 20-mill floor, effectively increasing a school district’s recognized millage. As a result, HB 920 protections would apply to those school districts no longer on the 20-mill floor to help prevent unrestrained growth on property taxes and provide much-needed relief for homeowners."

The proposed adjustment aims to bring balance to Ohio's property tax system by modifying the calculation of the 20-mill floor and ensuring HB 920 protections. This change seeks to enable homeowners to maintain their residences affordably.

Ohio REALTORS remains committed to advocating for policies that promote fair and sustainable property tax regulations in Ohio.

Further details about SB 66 can be accessed through testimony provided by Ohio REALTORS or via information available from the General Assembly.