What did the frog landlord say to his rent-skipping tenants? Hippity hoppity, get off my property. 🐸 And don’t let the door hit ya.
Speaking of property, a new amendment is making its way through the Ohio legislature that would nix property taxes. 🏘️ Some say yay, others nay, and the frogs have not been reached for comment.
Here’s Five Fast Facts on Ohio’s property taxes:
- 🏡 House Rules - Ohio lawmakers are cooking up an amendment to the state’s constitution that would eliminate property taxes in the Buckeye State. The “Abolishment of Taxes on Real Property” seeks to eliminate taxes on land, all growing crops on that land, and all permanently attached buildings and structures.
- 👴🏻 Oldies But Goodies - The amendment would change up some of the existing property assessment bills and would provide discounts or an elimination of property taxes entirely for those over 65. Supporters argue that other states have better laws in place to keep aging seniors and veterans in their homes. When property taxes are too high, these vulnerable folks often move out.
- 🎭 Mixed Bag - Those in favor of the amendment say it’s a long time coming, since property taxes have been skyrocketing. However, those skeptical of it all say the lost revenue stream could have a negative impact on public services like emergency services and the school system.
- 🤔 A Taxing Dilemma - Supporters also say that the property tax repeal would force lawmakers to come up with a solution, however it’s not so cut and dry. The proposal doesn’t come with an alternative to make up for those lost funds, and Republican lawmakers aren’t the biggest fans of tax increases elsewhere.
- 💰 Money, Honey - According to the Ohio Department of Taxation, 2023 property tax collections came in at $18.5 billion. That’s roughly double the amount the state gets in income taxes and a billion dollars more than Ohio brings in through sales and use taxes. Assessed property values grew by almost 40% over the last five years and tax collections jumped by 21%.
🔥Bottom line: Giving seniors and retired vets a break on property taxes would be a huge help, for sure. However, cutting all that funding with no plan on how to replace it is a pretty big head scratcher. We’ll keep the pulse on this one. Why are millennials getting richer quicker than any other generation? Find out here!
Do you think cutting property taxes is a good idea?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
