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Combs to call for statewide property value decrease
Press release from state Rep. Courtney Combs’ office, R-Hamilton (coming on the heels of county Auditor Roger Reynolds’ similar promise):
State Representative Courtney Combs (R- Hamilton) today announced plans to introduce legislation aimed at easing the financial burden placed on homeowners due to property value reappraisal increases.
Since property reappraisals are approaching up to a 12 percent increase in some Ohio counties while homeowners are experiencing a decline in the value of their home, Combs is taking action. His proposed legislation would provide a 10 percent property value reduction for all homeowners in the 2009 tax year. This reduction would mean a homeowner whose house is appraised at $100,000 would pay property taxes as if it were a $90,000 valuation.
“Many residents are suffering with higher property taxes even when their homes are declining in value,” Combs said. “I believe decreasing the property value by 10 percent will help provide Ohio residents with some much needed relief and will allow the reappraisal numbers to catch up to their fair market value.”
Across the country many states are addressing this issue of unfair and unrealistic valuations of home values. Ohio is among the highest in foreclosures and we must ease the pain for property owners. His plan will allow for similar reductions in 2010 and 2011 if necessary. Combs hopes it will not be necessary.
“We need to protect our property owners and keep people in their homes,” Combs said. “I am very concerned about the foreclosure rates here in Ohio and across the nation.”
The legislation is currently being drafted by the Ohio Legislative Service Commission and will be introduced this month.
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