COLUMBUS (TDB) -- Franklin County Auditor Joe Testa says Ohio property tax laws won't allow dramatic reductions, and homeowners shouldn't expect to make smaller payments during the real estate and housing slump now gripping the state. Many Ohio homes aren't worth nearly as much on today's down market as they were 18 months ago. Testa explains that state law keeps property taxes stable, or "that same Ohio law which protects homeowners by decreasing the tax rate when property values rise during reappraisal works in reverse if values fall . . ." Testa put the emphasis on the word reverse. Here's the longtime Republican official's explanation:
"Frequently I am asked his question: 'If property values actually did decline, how much of a tax break will we see?' The surprising answer is, almost nothing. Why? It is because Ohio tax law protects schools, social service agencies etc. during down markets in the same way it protects homeowners during up markets through a tax rate adjuster called 'reduction factors.'
"Over 30 years ago, the state legislature passed House Bill 920 to prevent tax increases from occurring during property tax reappraisal. Reduction factors are applied to levies approved by the voters and reduced the tax rate if the district's value increased during the state required reappraisals and updates conducted by the county auditor."
Showing posts with label Property Tax Breaks. Show all posts
Showing posts with label Property Tax Breaks. Show all posts
Saturday, April 12, 2008
Sunday, January 06, 2008
OH-02 Dem Steve Black Gets Whacked: Viral Website Questions Farming Tax Break
CINCINNATI (TDB) -- Democratic congressional candidate Steve Black is the target of an attack Website. It says that he is taking advantage of property tax breaks on his home that are intended to aid Ohio's farmers. The site links to Hamilton County records. It's a hardhitting slam that portrays Black -- a wealthy lawyer -- as someone who uses legal loopholes to dodge taxes that would support public schools and other local government entities. The site does not say who is responsible for the attack on Black. State law does allow agricultural exemptions, and there is no allegation that Black has done anything illegal.
Black is campaigning in the March primary against Vic Wulsin for the Democratic nomination in Ohio's 2nd Congression district, which covers seven counties in Southern Ohio. Here's a sample from the website, which labels Black a hypocrite:
"Well, it seems that the former Republican Mayor (sic), heir to a significant family fortune, and running for congress as a pillar of the community may have taken lessons from the 'culture of corruption' regarding rural issues and agribusiness. It appears the wealthy Mr. Black has been getting a big (CAUV) tax break on his Indian Hill estate."
Black is campaigning in the March primary against Vic Wulsin for the Democratic nomination in Ohio's 2nd Congression district, which covers seven counties in Southern Ohio. Here's a sample from the website, which labels Black a hypocrite:
"Well, it seems that the former Republican Mayor (sic), heir to a significant family fortune, and running for congress as a pillar of the community may have taken lessons from the 'culture of corruption' regarding rural issues and agribusiness. It appears the wealthy Mr. Black has been getting a big (CAUV) tax break on his Indian Hill estate."
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