Ohio homeowners are sending property tax appeals to county auditors at record rates. For many families, the property tax burden is overwhelming. Now is the time to ease the property tax burden on middle class families.
Under the current tax code, taxpayers must itemize to receive the property tax deductions they have earned. Many Americans don't itemize their taxes, including those who do not own multiple properties, make major charitable donations, or have many tax deductible expenses. In fact, some 1.5 million Ohio homeowners did not itemize their taxes last year.
That is why I support legislation to put more money back in homeowners' pockets.
Property taxes are rising, but many homeowners do not itemize. Prior to 2008, only homeowners who itemized their tax deductions could claim deductions for state and local property taxes. A temporary measure that passed a few years ago allowed non-itemizing homeowners to deduct their property taxes, but capped the deduction at only $500 per individual and $1,000 per family.
We can solve this problem with common sense legislation. That's why I introduced the Homeowners Tax Fairness Act.
The Homeowner Tax Fairness Act could provide Ohio homeowners with an estimated $2.9 billion on their federal income tax returns.
In Hamilton County alone, some 101,675 homeowners who do not itemize could be able to deduct an estimated $214,940,950 from their returns.
The Homeowner Tax Fairness Act would make permanent the standard tax deduction for real property taxes for the millions of taxpayers who do not itemize deductions. It would also repeal the $500 limitation on property tax deductions, so more money is returned to the people who earned it in the first place.
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