COLUMBUS, Ohio (WKBN) – Property tax relief may be on the way for Ohioans.
State Rep. Mike Loychik announced that he will soon introduce the “Ohio Property Tax Relief Act, which will provide relief to homeowners and farmers,” according to a press release.
The legislation would provide a temporary expansion for the homestead exemption, index school districts’ 20-mill floor to inflation, and stabilize the Current Agricultural Use Value (CAUV) program.
The current homestead exemption, which Loychik aims to expand temporarily, allows qualifying senior citizens and permanently disabled homeowners to exempt up to $25,000 of the market value of their homes from all local property taxes, according to the Ohio Department of Taxation (ODT) website.
Meantime, Loychik’s legislation would limit the increase of the 20-mill floor to the rate of inflation in districts that have hit the 20-mill floor which will prevent school districts from receiving a windfall of unvoted funds when home values rise. according to the release.
And, the Current Agricultural Use Value (CAUV) program relates to farmland devoted exclusively to commercial agriculture may be valued according to its current use rather than at its “highest and best” potential use, according to the ODT.
No word on when the legislation will be introduced, but Loychik said that it will further help Ohioans during unprecedented property tax highs.
Another bill awaiting progress is the Homeowner’s Relief Act, which was approved by the House and Senate, with modifications in the Senate committee.
The Homeowners Relief Act would temporarily exempt older Ohioans who earn $36,000 or less from paying property taxes on the first $30,000 of their home’s value, among other things. The modified bill is awaiting a signature from Governor Mike DeWine.
Patty Coller contributed to this report.