Senate Approves Billions in Long Term Relief for Ohio Property Taxpayers

The Ohio Senate passed major reforms to Ohio's Property Tax Laws ending the unfair practice of runaway tax increases without a vote of the people.

This will save Ohio's property taxpayers $2 billion over three years as the full force of the changes take effect.

This will save Ohio's property taxpayers $2 billion over three years as the full force of the changes take effect. The Senate acted to pass reforms in five key areas.

1. Prioritizing property tax relief for Ohioans who own and live in their homes. Homeowners will see the residential tax credit increase over the next 4 years. This will provide an additional $350 million to $400 million of property tax relief for Ohio homeowners while the nonbusiness property tax credit is phased out.
2. Capping the basic automatic growth of inside millage to no more than the cumulative rate of inflation over the previous 3 years.
3. Capping the growth in property taxes due to reappraisal to no more than the cumulative rate of inflation over the previous 3 years.
4. Empowering County Budget Commissions to reduce unnecessary or excessive collections.
5. Making existing Emergency and Substitute levies subject to the tax reduction factors.

"We stand for the taxpayers and not for runaway revenue that is undermining homeowners and the American Dream," said Senate President Rob McColley. "While home prices have skyrocketed and outpaced the rate of inflation we've heard the complaints from homeowners and are not only granting tax relief in the near term, but we are making sure that these unexpected and unwanted spikes in property taxes won't happen again."

Nearly 70% of all property tax revenue goes to schools.

Earlier this year the Ohio Senate passed a veto override, enforcing a new law that prohibits all future emergency and substitute levies. These levies fall outside of the anti-inflationary guardrails of prior law and contributed to shocking property tax bills for taxpayers.

This week Ohio Senate President Rob McColley joins the President's Podcast and goes point-by-point into the reforms made to Ohio's property tax law that will save Ohio property taxpayers billions in the long run.

The President's Podcast is available on multiple platforms including iHeartRadio, Apple Podcasts, Amazon Music, YouTube and Spotify.