Republican lawmakers in the Ohio legislature are sponsoring a bill that they say would simplify municipal tax structures throughout the state. Representative Cheryl Grossman says this bill is necessary because local taxes are too complicated.
A story in Bloomberg earlier this week found that hedge fund Magnetar has bought up a significant chunk of the rental stock in Montgomery County’s Huber Heights—and then requested a major reduction in those properties’ values. That reduction, if approved, could affect the city’s taxes and levies.
One of the Republican Senators who voted to allow the state to accept two and a half billion federal dollars for Medicaid expansion has introduced a bill to give Ohioans a tax break. The legislation is designed to capture savings in state government and give that money back to Ohio taxpayers.
School levies are among the biggest issues on the ballot in the upcoming November 5, 2013 election. Ohio schools depend on these levies as an essential funding stream, and many are facing new or additional levies that can be difficult to pass.
Money for Ohio’s public schools comes from three sources: federal funds, state funds, and local tax levies.
“Levies then become the source really of their chief operating funds,” explains Mark Smith of Cedarville University. “For most cases those local schools are very dependent upon those local property taxes.”
Two big changes are coming to taxes in Ohio this weekend – the state sales tax goes up, and the state’s personal income tax goes down.
The income tax for individuals will drop by 8.5%, while the state sales tax increases from 5.5% to 5.75%. Tax Commissioner Joe Testa says most people won’t notice the sales tax increase unless they’re making major taxable purchases, such as buying cars. But he says even then it’s more than a wash.