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Auditor testifies in Columbus
Press release just received from the Ohio Senate:
COLUMBUS — Butler County Auditor Roger Reynolds testified in the Senate Ways and Means and Economic Development Committee this morning in support of Senate Bill 306, legislation designed to expand eligibility for Ohio’s Homestead Exemption program.
The bill, which State Senator Gary Cates, R-Butler County, co-sponsored, would extend property tax relief to senior citizens and disabled Ohioans living in housing cooperatives, as well as seniors who have created irrevocable living trusts, many of whom are currently excluded from receiving benefits.
In House Bill 119, last year’s state budget bill, the General Assembly approved an expansion of Ohio’s Homestead Exemption to include all Ohioans age 65 or older, as well as disabled Ohio residents, regardless of their income level. However, a number of residents in this group were denied property tax benefits because of their living arrangements.
Under current Ohio law, only residents of housing cooperatives — condominium-like complexes where each resident owns the deed to his or her own unit — with more than 250 units qualify for the Homestead Exemption. SB 306 would redefine housing cooperative to include groups of two or more units.
In addition, older Ohioans, who have created irrevocable living trusts, in which all rights to transfer assets or make changes are permanently surrendered to the grantor of the trust, are also excluded from receiving property tax relief under the current Homestead Exemption law. At the same, creators of revocable living trusts do qualify for benefits. SB 306 would remove this disparity, allowing creators of both revocable and irrevocable living trusts to participate in the program.
“The idea of the original legislation was to help those who own and occupy their homes regardless of their estate planning arrangement,” explained Auditor Reynolds. “SB 306 would allow the exemptions for homesteads held in irrevocable trusts and, thus, grant previously intended, but currently excluded, citizens to take part in the tax relief.”
“I appreciate Mr. Reynolds coming to testify on a bill that will further expand property tax relief to the citizens of Butler County,” said Sen. Cates.
SB 306 was approved by the Ways and Means Committee today and now awaits a vote from the full Senate.
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Comments
By Nomore gimmicks
May 21, 2008 4:07 PM | Link to this
Everytime someone like Cates suggest cutting property taxes for seniors, they never tell all the rest of us how we pay more to make up the difference. Just like the last tax break, the schools still get all their money, and where does Cates think that money comes from ???