Sabrina Carpenter this, Tate McCrae that…we all know who the real princess of pop is. The legendary Miss Britney Spears. 🤩 If you haven’t been touched by the Holy Spearit, that sounds like a you problem. 💅
Speaking of giving credit where credit is due, a new House bill in the Buckeye State would throw over a billion bucks back to property taxpayers. 🤑 Let’s dive into the details.
Here’s Five Fast Facts on the new bill:
- 🏡 Throwin’ It Back - Late last month, the Ohio House Ways and Means Committee approved an amendment to House Bill 186. The change: certain school district tax increase requests would be capped based on the rate of inflation. The revisions would provide a roughly $1.7 billion tax credit over the next three years.
- 💸 High Limit - The bill (which went through five revisions) would limit tax increases for 20-mill floor properties to inflation. The goal is to provide a tax decrease and direct credit to those particular properties.
- 🤓 Math Class - How did lawmakers come up with the revisions? They took a look back at property values in 2022. That was when tax bills went through the roof as home values skyrocketed. In a nutshell, the credit would be the difference between the property value increase and the rate of inflation.
- 📈 Great Value - In school districts at the 20-mill floor, property value increases generate a ton of tax revenue. Today, there are 483 school districts at the 20-mill floor out of roughly 611 statewide. If the bill is passed, those taxpayers will see the credit show up on their second-half bills next year.
- 🎒 Too Cool 4 School - Supporters of the bill say it’s a step in a fair direction and aims to please those who want to abolish property taxes altogether. Critics wonder why the state isn’t taking on more of the burden and say taking funding away from schools might not be the answer.
🔥Bottom line: Is this new bill robbing Peter to pay Paul? Seems like it all depends which side of the fence you’re on. While we’re chatting houses, did you know older homes are selling at a higher price than new ones? Jump over to this article where we show you why old might be the new gold!
Do you agree with the changes in this proposed bill?
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!
