Ohio Realtors

Policy Position: Tax Issues

Real Estate Transfer Taxes
Ohio REALTORS opposes real estate transfer taxes and potential tax increases, in addition to all other fees and similar financial roadblocks to residential and commercial property ownership and investment. In general, these taxes make property ownership more expensive and can make property investment in Ohio less attractive.

Additionally, we oppose proposals that would apply the transfer tax to the sale of a business ownership interest in an entity that directly or indirectly owns real estate. In the case of a transfer of a business, the value of real property within the business can be difficult to ascertain.

School Funding Reform and Property Taxes
We support fair and equitable property taxation policies. Ohio REALTORS continues to monitor all school funding reform legislation as this may impact property taxation and property values.

Sales Tax on Professional Services
We oppose legislation that would levy sales taxes on professional real estate services including real estate brokerage services, appraisal fees, home inspections, and credit reporting which could significantly drive up the cost of housing and property investment. This would make homeownership and commercial investment more expensive and less attractive.

Commercial Real Estate and Property Valuation
We Ohio REALTORS supports policies that give flexibility to a property owner and certain other representatives to contest property values for tax purposes. Further, we support legislation that provides transparency and accountability into the property value challenge process, specifically when another party is challenging another property owners property values.

Business Income Deduction
Ohio REALTORS oppose any changes to the Ohio small business income deduction that would adversely affect our members by reducing the significant tax savings benefit provided by this tax treatment of business income.

The savings from this tax treatment have been re-invested by REALTORS in their businesses including the hiring of additional agents or employees, investment in technology, office space, equipment, and many other items important to a growing small business that provide economic benefits to Ohios economy. We will continue to protect and retain this tax provision as it impacts many Ohio REALTOR members and their businesses.