A state senator is calling on Ohio lawmakers to limit how much property taxes can increase annually to 3%.
Sen. Hearcel Craig (D-Columbus) says there are several cities around the state that are seeing property values increase and with that, higher property taxes.
Craig says the thriving housing market is a good thing, "But at the same time we want to make sure that there's parity, that there's real opportunity for folks to stay in place for our seniors and others that have paid off their homes and can be deleteriously affected by the exorbitant increase in property taxes."
Critics of property tax caps say they have a negative consequence on local governments, resulting in less revenue for schools, law enforcement, parks and other services.
A study from the Center on Budget and Policy Priorities in 2018 called on states to reconsider property tax caps, "which have put severe pressure over time on local governments’ ability to deliver the services that their residents expect and need, from schools and police and fire protection to city parks and affordable housing initiatives."
But Franklin County Auditor Michael Stinziano says it's important to find a balance where local governments can still receive the funding they need to pay for services while avoiding overly burdensome tax increases.
"What is going to keep Ohio residents in their home so they're able to contribute to local issues so property taxes play the role they should but aren't pricing them out," Stinziano said.
He added that the pending bill from Craig would likely address the potential gap in funding for services.
