SLIDE 1
Prop
- perty T
Tax R Res esearch ch & & Prop
- posal
Prop operty T Tax R Res esearch ch & & Prop oposal - - PowerPoint PPT Presentation
Prop operty T Tax R Res esearch ch & & Prop oposal - - PowerPoint PPT Presentation
Prop operty T Tax R Res esearch ch & & Prop oposal November 21 st , 2019 Process Top O Options ns I Identified Freezes Exemption/Deduction Property Tax Discount Tax Credit Deferrals Freez eezes es 1 2
SLIDE 2
SLIDE 3
Top O Options ns I Identified
Freezes Exemption/Deduction Property Tax Discount Tax Credit Deferrals
SLIDE 4
Freez eezes es
1
Freezing the taxable value of the property
2
Freezing the amount of taxes
- wed
SLIDE 5
Freez eezes es
Minimal Changes in Property Taxes Unaffordable Taxes will be Still be Unaffordable
SLIDE 6
Exemption/ n/Deduction
Shield some of the market value of a home by decreasing a property’s taxable value
SLIDE 7
Exemption/ n/Deduction
May Bring Taxes Down to an Affordable Level Other Taxpayers May Pick up the Burden
SLIDE 8
Prop
- perty T
Tax D Discou count
Discounted property taxes based on income 30% 100%
SLIDE 9
Prop
- perty T
Tax D Discou count
Straightforward Approach Other Taxpayers May Pick up the Burden
SLIDE 10
Tax Cr Credit
Reduce an individual’s property tax bill by a certain amount Tax credit is determined by income
SLIDE 11
Tax Cr Credit
Credits are a Straightforward Approach Not a Large Enough Credit to Help the Senior
SLIDE 12
Defer erral
Postpone paying property taxes Results on a lien
- n the property
SLIDE 13
Defer erral
Government Receives Taxes Eventually Some Interest Rates May be Excessive
SLIDE 14
Our P Prop
- posal
“Deferral of property taxes for eligible participants with 3% accrual until repayment is completed. Deferrals must be repaid when the home is sold, participant passes away, or the home is no longer used as the primary residence.”
SLIDE 15
Our P Prop
- posal
Own and Occupy Property Primary Residence for the Past 10 Years Meet the Requirements of the State of
Ohio Homestead Exemption
Maximum Income: $32,800
SLIDE 16