State of Ohio ends property tax rollback.

[Jack from Ohio]

State of Ohio ends property tax rollback.

As part of the Ohio budget bill signed June 30 by Gov. John Kasich, local residents may see a rise in property taxes next year.

The budget bill removes a “rollback” created in 1971 as a deal with taxpayers where the state income tax was established in exchange for the state agreeing to pay a portion of property tax bills. As per the agreement, the state paid 12.5 percent of local property tax bills, while the public paid the remaining 87.5 percent.:
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However, the rollback was eliminated in the new budget bill, which as many worried about its implications.

Note: It is my personal opinion that all Ohio property taxes will go up as a result of eliminating the rollback. Our elected legislature at work!!

[Guest Taxed]

Taxes are going up whether you live in a Democrat majority state or a Republican majority state if the economy is not picking up and there is a constant revenue shortfall. I think politicians have to forced to level with the voters and those who try to paint a rosy picture be challenged. I don't care which party you support.

The news today that we may have wasted $34M in Afganastan just made my day!

[Jack from Ohio]

Ohio has had a budget surplus for the last two years. In fact, 2012 taxpayers here were given a .25% reduction in the state income tax compared to 2011. I am definitely on an anti-incumbent roll for the upcoming elections.

[Guest Taxed]

My state did the same thing 2 years back. Lowered the tax rate and now they want to go back up again! Our Gov. will not sign the budget until he sees more tax revenue. He is not seeking re-election! Fortunately the legislature has enough votes to override his veto.

It is absolutely mind boggling how we run our Govt.!

[Terry D EA]

Hey jack, I just returned from Ohio where I had met with an attorney for a will and other documents for my mother. The attorney informed me that Ohio has now eliminated any estate tax. Have you heard anything on this?

[Margaret CPA in OH]

This is true. I have a 99 1/2 year old client who made it so as to shelter the several millions from her late husband.. With the federal $5 mil threshold and no Ohio estate tax, the family will have a nice inheritance.

[Jack from Ohio]

Hey jack, I just returned from Ohio where I had met with an attorney for a will and other documents for my mother. The attorney informed me that Ohio has now eliminated any estate tax. Have you heard anything on this?

This is true. I have a 99 1/2 year old client who made it so as to shelter the several millions from her late husband.. With the federal $5 mil threshold and no Ohio estate tax, the family will have a nice inheritance.

This is a fact. NO inheritance tax in the State of Ohio. This has angered localities, counties and School districts because the majority of the Inheritance tax monies went to them. They are the big losers in this case.