Sen. Craig and Auditor Stinziano Announce Property Tax Relief Bill
Today, state Senator Hearcel F. Craig (D-Columbus) announced the introduction of legislation to cap annual property tax increases at five percent for households at or below their counties average median income.
“In the past year, many homeowners in Columbus have felt the effects of the Covid-19 pandemic and have also seen their home value increase quickly. This has left them struggling to stay in their homes,” said Sen. Craig. “This legislation targets the families that are most in need to ensure they are able to budget their property taxes from year to year.”
Aligning with the state’s current homestead exemption, the state would refund the local authority for the lost revenue. Every income eligible homeowner who receives the owner occupied credit and who has not purchased a new home would be eligible for the property tax cap within this legislation.
"A home is often a person’s biggest investment. It’s where families are built and lives enriched,” Auditor Stinziano said. “It determines what schools your kids attend, the food you can buy, and even your overall health. That’s why we can accept nothing less than full housing equality for all the residents of Franklin County – which means residents can afford to stay in their homes. This legislation is a good first step towards addressing the issue for an estimated 260,000 Franklin County households."
“As our region continues to grow, no homeowner or family should be priced out of prosperity,” said Sen. Craig. “Our goal is to keep people in their homes and continue to provide ladders of opportunity for all of our residents.”
Watch the full press conference here