|
July 13, 2020
FOR IMMEDIATE RELEASE
Contact: Monica Moran, 614.378.2879
Monica.Moran@franklincountyohio.gov
Legislation to Cap Property Tax Increases Introduced
COLUMBUS, Ohio – Franklin County Auditor Michael Stinziano announced his strong support of SB 335, legislation that will cap property tax increases, preventing sudden spikes in taxes for Ohio homeowners.
The bill, introduced at the statehouse by state Sen. Hearcel Craig, would generally cap property tax increases for owner-occupied homes at 3 percent per year. The state would reimburse any taxes that were lost because of the cap to municipalities or districts.
Both Craig and Stinziano have collaborated in introducing the legislation, based on feedback from constituents.
“Now more than ever, with a pandemic affecting the jobs and lives of Ohio families, we need to protect homeowners from onerous tax increases,” Stinziano said. “This legislation will stabilize taxes for residents and help elderly homeowners with fixed incomes and long-term residents of changing neighborhoods avoid sudden, unexpected spikes in taxes, so they can continue to live in their homes.”
The proposed legislation was first announced last December by Stinziano, Sen. Craig, Congresswoman Joyce Beatty and Near East Area Commissioner Lela Boykin.
“The COVID-19 pandemic has had a devastating impact on family budgets across the state. By capping property tax increases at 3 percent, we can give families more time to adjust to the pandemic’s hardships. Our goal is to continue to provide ladders of opportunity for all residents and to keep people safely in their homes,” Sen. Craig said.
Had the bill been in effect in 2018, more than 60,000 Franklin County homeowners would have been shielded from large increases in their taxes. There were more than 4,300 foreclosures in the county over the last three years.
Nationally, 34 states have similar laws that protect homeowners from large tax increases.
The new legislation is designated Senate Bill 335 and can be viewed at the Ohio Legislature’s website.
###
|
