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I encourage each of you, just as I do, to reach out to your legislators and encourage them to put forward needed changes to Ohio property tax law. Alan Harold was elected Stark County Auditor in 2010.
The Ohio Department of Taxation is the administrative department of the Ohio state government [1] responsible for collection and administration of most state taxes, several local taxes and the oversight of real property taxation.
For example, if a buyer pays a $2,000 down payment and borrows $8,000 for a $10,000 parcel of land, and pays off in installments another $4,000 of this loan (not including interest), the buyer has $6,000 of equity in the land (which is 60% of the equitable title), but the seller holds legal title to the land as recorded in documentation in a ...
This trend led to the introduction of alternatives to the property tax (such as income and sales taxes) at the state level. [16] Property taxes remained a major source of government revenue below the state level. Hard times during the Great Depression led to high delinquency rates and reduced property tax revenues. [68]
Under this example, a homeowner with income of $50,000 whose property tax was $3,000 would get the full $1,500 credit and end up paying a net $1,500 in property tax.
A primer to Ohio's property taxes. Home & Garden. Medicare
For many municipalities in the United States, property taxes are the primary source of revenue. The amount of forgone tax revenue as a result of these tax-exempt land parcels is significant. The president of the city council of Baltimore, MD, recently estimated that his city loses $120 million annually from these foregone taxes. [16]
Rep. Beth Lear, R-Galena, and Rep. Scott Wiggam, R-Wooster sponsored a constitutional amendment to limit property tax increases to 4% annually.