Summary
Ohio lawmakers approved new property tax changes to help homeowners pay less in the future. These changes are designed to ease how school districts collect money and control automatic tax increases. The package now awaits Governor Mike DeWine's final approval.
Key Facts
- Ohio's state House and Senate passed a set of four bills aimed at reforming property taxes.
- These bills adjust how tax rates change when property values rise, helping to control automatic tax increases.
- House Bill 186 will expand the owner-occupancy tax credit over four years, providing more tax relief to residents living in their homes.
- House Bill 129 changes how school funding tax rates are calculated to reduce automatic tax hikes.
- House Bill 335 limits revenue generated through "inside millage," a portion of property taxes that don't require voter approval.
- House Bill 309 allows local officials to reduce a levy’s tax rate if it raises more money than needed.
- The proposed changes could save Ohio property owners $2 billion over three years once fully implemented.
- The package now goes to Governor Mike DeWine for approval.
