On January3, 2019, Cincinnati City Council’s Budget & Finance Committee voted to keep Property Taxes in 2020 at today’s current amount, thereby setting the stage for continuing the Property Tax Rollback – a long-standing, key issue of the Cincinnati Area Board of REALTORS® and property owners throughout the city.
Want to see Cincinnati Area Board of REALTORS® Advocacy in action?
CABR’s Director of Government Affairs Mark Quarry testifies before the committee and explains the importance of rejecting the city administration’s recommendation to increase property taxes. At the conclusion of his remarks, virtually every city councilmember espouses the importance of home ownership and the need to keep property taxes low in the City of Cincinnati! Watch the video below.
vote on the matter will occur at 2:00pm this Wednesday January 9, 2019 at the
Cincinnati City Council meeting.
Hamilton County Commissioners Vote 2-1 to Increase the Real Property Transfer Tax
It will be more expensive in 2019 to sell a property in Hamilton County.
Hamilton County Commissioners Todd Portune and Denise Driehaus voted today to increase the Real Property Transfer Tax by 1 mill, putting Hamilton County’s Transfer Tax at the maximum 4 mill limit permitted by Ohio law. Commissioner Chris Monzel dissented, voting against the tax increase.
Hamilton County now joins Clermont County as the only two counties in our region at the maximum 4 mill limit. Butler County and Warren County are currently at 3 mills.
The Resolution passed by Commissioners today contained a provision that will include an annual review of this increase in hopes that if county revenue comes in higher than projected, the Commissioners might vote to reduce this 1 mill increase.
As reported by the Cincinnati Enquirer, “If you sell a property, you’ll help the county cover the deficit. The owner of a $100,000 house will now pay the county $400, up from $300 this year after the commissioners raised the real estate transfer fee.”
The Transfer Tax is essentially a transaction fee imposed on the transfer of title to property. It is imposed where there is a legal requirement for registration of the transfer.