How to fund an aging population….without pricing them out of their homes

Here is a great article by the Center for Community Solutions published on February 26, 2018.

It deals with senior levies in the State of Ohio.

https://www.communitysolutions.com/research/address-determine-access-aging-services-analysis-senior-tax-levies-ohio/

Here is an excerpt that I found very interesting:
“Similar to funding for older adult services, school funding is also reliant on property taxes. This has resulted in great disparities in available dollars per student amongst school districts. More than 20 years ago, the Ohio State Supreme Court ruled funding education based on property taxes is unconstitutional, however a new structure to fund schools has yet to be implemented. While the state is mandated by the constitution to provide public education, no such mandate exists for the state to provide funding to support older adults. With no constitutional mandate, the legality of funding senior services through property taxes is not likely to be challenged.”

Here is some interesting Lake County statistics from the Center for Community Solutions:

Lake County Statistics

From these statistics, we have generated the following schedule that provides Lake County Census projections based on age groups through 2030.

Lake County Census Projections to 2030

Please note that we project that by 2030 there will be approximately 62,023 seniors over 65 years of age.  This is an increase of 25,004 (67.5%) seniors from the year 2010.

This concerns us a great deal since many of these seniors will not able to afford the ever increasing real estate taxes on their home.  They will start exceeding their Housing Affordability Threshold. (30% of their annual income for their mortgage, utilities, and real estate taxes)

Stay tuned, we have a lot more on this subject that we will share with you.



Categories: Lake County Cities & Townships

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2 replies

  1. 776932 104638Good read. I just passed this onto a buddy who was doing some research on that. He just bought me lunch since I found it for him! Thus let me rephrase: Thanx for lunch! 338442

  2. 58896 855951Hi, you used to write excellent articles, but the last several posts have been kinda boring I miss your super writing. Past several posts are just a bit out of track! 992854

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