LIMA, Ohio (WLIO) — Ohio property owners could see some financial relief in the coming years after new property tax reform legislation was signed into law.
Gov. Mike DeWine signed the bills on Dec. 19. Among the changes, the Owner Occupancy Credit will increase from 2.5% to more than 15% over a four-year period. The new laws also tie tax increases resulting from property reappraisals to the rate of inflation.
In addition, the Ohio General Assembly granted county budget commissions the authority to reduce tax rates if they determine local governments are collecting unnecessary or excessive funds. Lawmakers say the measures are designed to address rising property taxes across the state.
State Sen. Bill Reineke says the legislation was a priority before the end of the year…