Legally Reducing Property Taxes
Dusty Rhodes (D), Hamilton County Auditor and voice for Hamilton County fiscal conservatism has agreed to complete a regular running “insiders” view of Hamilton County’s status. His articles will be published regularly through the CTP blog site, to illustrate his views of fiscal conservation, limited government, and free markets in government action (or inaction).
The Cincinnati Tea Party does not (and cannot) endorse any specific candidates. Dusty’s sixth installment is below, entitled, “Legally Reducing Property Taxes.”
Recent news about Duke Energy’s effort to reduce their Public Utility tax liability has raised a question in the minds of many taxpayers: How can an entity not pay the full amount of assessed taxes if they appeal an assessment?
Actually, though Public Utilities are governed by separate statutes, any Hamilton County property owner who files a valuation complaint on their real property between January 1 and March 31 can ask the County Treasurer (513-946-4800) to permit a “tender and accept” arrangement. This allows you to pay a reduced tax amount based on what you believe your value should be while you await the decision of the Board of Revision (BOR) on your complaint.
The risk is that should the BOR disagree with your opinion of value, you are immediately liable for the additional taxes and interest on the value they set, unless you stay the process by appealing the Board’s decision.
Most who make use of the tender and accept approach purchased the subject property in an arm’s length sale. The Board of Revision uses such sales as the best evidence of current property value.
Information about the BOR is available on our website, www.hcauditor.org, by clicking on Departments and Board of Revision.
Two other possible means of reducing your property tax bill are owner-occupier credits. The 2.5% credit is available under Ohio law to most who own and occupy their homes. Property owners are eligible on their domiciles (one property) only. The vast majority of Hamilton County homeowners are receiving the credit and also the related “Stadium Credit.”
Check the summary page for your property on our website and make sure you see “YES” next to the line item: 2.5%/Stadium credit. If you have questions, call us at 513-946-4099.
And if you are 65 or older or totally disabled and you own and occupy your home, you may qualify for the Homestead exemption. The application process for this credit takes place from the first Monday in January to the first Monday in June each year. Again, check your summary page on www.hcauditor.org if you are not sure whether you are enrolled. For more information, read the Homestead FAQs on our website 24/7 or feel free to call 513-946-4099 during business hours.