New Tool for Property Tax Relief: Ohio REALTORS® Testify in Support of SB 42
By Anastasia Kotkovskaya, Director of Advocacy & Research
The work to address property tax affordability is far from over, and this week Ohio REALTORS® continued those efforts by submitting proponent testimony to the Ohio Senate Local Government Committee in support of Senate Bill 42. This legislation is sponsored by Senator Michele Reynolds (R – Canal Winchester) and Hearcel Craig (D – Columbus).
The testimony emphasized that many Ohio residents continue to feel the strain of rapidly rising property values and the corresponding increase in property tax bills. In some counties, reappraisals have led to valuation spikes of more than 40%, creating significant hardship, particularly for homeowners on fixed incomes and first-time buyers.
While the General Assembly recently enacted historic property tax reforms projected to deliver more than $3 billion in relief, Ohio REALTORS® believes the state should continue pursuing practical solutions that address ongoing affordability challenges.
What SB 42 Would Do
Senate Bill 42 would allow local governments to establish “residential stability zones.” Within these zones, eligible homeowners could apply for a partial property tax exemption tied to the increase in their home’s assessed value.
The bill is permissive, meaning local governments would have flexibility to:
- Set the percentage of increased value eligible for exemption
- Define geographic boundaries
- Establish the duration of the zone
- Create additional eligibility criteria
The legislation also includes important guardrails:
- Eligibility is limited to households at or below 80% of area median income
- Relief is capped at six years
- Immediate termination of the exemption upon transfer of ownership
Ohio REALTORS® supports SB 42 because it offers a targeted, locally controlled tool to help offset sudden tax increases while ensuring relief goes to those who need it most.
Find here information about SB 42 here: Ohio Legislature | 136th General Assembly | SB 42
Anastasia Kotkovskaya
Director, Advocacy & Research
Supports Ohio REALTORS®’ legislative, regulatory, and political initiatives at the Ohio Statehouse, conducting public policy research, collaborating with stakeholders, and developing advocacy resources to keep members informed of advocacy efforts. She provides regular legislative updates through Capitol Connections and The Latest Political Buzz, and hosts the Policy Talks podcast to provide insights on key political developments. She also serves as the staff liaison for the Political Advocacy Fund Committee.
Learn more about Anastasia & her role.
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