Ralph Mantica President at Ohio REALTORS | LinkedIn
Ralph Mantica President at Ohio REALTORS | LinkedIn
Ohio REALTORS recently presented their support for House Bill (HB) 28 to the House Ways and Means Committee. The bill aims to clarify property tax levies for Ohio voters by eliminating the option for taxing authorities to propose replacement property taxes.
Scott Williams, CEO of Ohio REALTORS, explained, "House Bill (HB) 28 will help avoid confusion surrounding the property tax implications of replacement and renewal levies that appear on the ballot. Many Ohioans view these levies as synonymous when, in fact, they function very differently."
Williams elaborated that a renewal levy extends an existing levy without increasing revenue, while HB 920 reduction factors protect property owners from rising taxes due to increased property values. In contrast, replacement levies apply effective millage rates to updated property values, potentially resulting in higher taxes.
The proposal is consistent with recommendations from the Joint Property Tax Review and Reform Committee and aims to enhance transparency in tax levies across Ohio. Ohio REALTORS strongly supports HB 28 and encourages lawmakers to pass this legislation.
For further details on this legislation: 136 General Assembly | House Bill 28
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