Ohio Group Seeks to Abolish Property Taxes
Beth Blackmarr nearly fainted when she saw that her home’s assessment increased by over 50% from the prior year. That’s when she decided enough is enough and joined a movement to end all property taxes in Ohio. The group, known as Citizens for Property Tax Reform, is a grassroots campaign based in Cuyahoga County. Recently, the group got approval from Ohio’s Attorney General to start collecting signatures, a small step in what could be a giant leap for Ohio property owners.
Background
Citizens for Property Tax Reform is proposing an amendment to Ohio’s constitution. As currently drafted, the amendment would abolish property taxes and prohibit future ones from being imposed. The amendment would become effective on the first day of the year after it passes.
The group has been collecting signatures to have their proposal on the November ballot, where voters will ultimately determine whether it becomes enacted. The group needs about 443,000 signatures from 44 out of 88 counties, but the goal is at least 600,000 signatures.
Mandatory Reassessments
Like all properties in Ohio, Beth’s home is subject to a mandatory reassessment law. Every six years, properties in the state undergo a revaluation to ensure that they are assessed at fair market value. In a crazy real estate market where home prices continue to soar, revaluations aren’t exactly a joyride for homeowners. More often than not, they lead to increased assessments and higher property taxes. Indeed, Ohio’s property taxes have gone up by 20 to 30% the past several years due to increased property values. Auditor warns Ohio property taxes will again rise statewide unless lawmakers act.
Amending Ohio’s Constitution
Abolishing property taxes isn’t as simple as waiving a magic wand. Such an action requires a vote to amend the state’s constitution. With enough signatures, the proposal will find its way on voters’ ballots. The growing disdain for increasing property taxes suggests that a vote in favor of the amendment may not be as farfetched as some may believe.
Considerations for Ohio ResidentsÂ
There are many considerations with this proposal to end property taxes. Although it may sound good on paper, it can have long lasting negative implications for property owners.
First, the good. Property owners would no longer have to pay those irritating property taxes. Aside from saving money, homeowners may benefit from an increase in home prices because of the demand for low tax properties.
On the flip side, there are several notable concerns. To continue funding essential services such as public education, Ohio will need to make up for the lost revenue. This could mean a higher sales tax which would substantially affect low to middle income families. In addition, Ohio residents could lose a significant deduction on their federal income taxes, causing them to pay more to the federal government. Moreover, increased prices will present a challenge to those looking to buy homes.
Will the Proposal be on the 2025 Ballot?
Probably not. The group has days to go before the by June 30 deadline, and organizers are suggesting that they will fall short of the required number of signatures. Property tax elimination won’t be on Ohio’s November ballot. All hope is not lost though, because the group plans on continuing their signature collection so that the proposal finds its way on a future ballot.
Feel Stuck with a High Assessment?
The odds of New Jersey property taxes being abolished are slim to none. That’s why New Jerseyans facing high assessments are better off consulting with experienced property tax attorneys.
At McKirdy, Riskin, Olson, & DellaPelle, we are commitment to protecting the rights of property owners. That includes fighting overassessments and helping property owners save thousands. Give us a call or click below for a free consultation.
To read the full article on Citizens for Property Tax Reform’s initiative, click here.
