Ohio REALTORS Supports HB 129 Property Tax Fix
By Anastasia Kotkovskaya, Manager, Advocacy and Research
Property taxes are a growing concern for many Ohioans, especially as homeowners across the state face rising valuations that drive up tax bills. That’s why Ohio REALTORS® provided testimony to the House Ways and Means Committee in support of House Bill (HB) 129, a proposal to prevent unchecked property tax growth by restoring key safeguards for property owners.
Currently, most schools are on or near the 20-mill floor, a threshold where key HB 920 tax protections no longer apply. In these districts, rising property values automatically lead to higher tax rates, with no input from voters. On top of that, many school districts layer on additional taxes, such as emergency, substitute, and income taxes, that are not factored into the 20-mill floor calculation, further increasing the burden on homeowners.
HB 129 is a major step forward in addressing this problem by counting such additional levies toward the 20-mill floor. This adjustment will effectively increase a school district’s recognized millage and, as a result, allow HB 920 protections to apply to those districts that are no longer on the 20-mill floor. In turn, this will deliver more accountability to how school districts manage their property tax revenue and will protect homeowners against unnecessary spikes in unvoted property taxes.
Learn more about HB 129 below:
