LFC Comments by T. Paine:
Thanks to Auburntownship.org for the heads up on this article.
Newly elected as the State Representative for District 60. Dan Troy tries to help seniors. We agree with his assessment that this is a modest proposal.
Suggestion for Representative Troy: “Go big, or go home!” Exempt seniors from paying property taxes supporting public schools. They are being priced out of their homes with the ever-increasing property taxes.
Here is a schedule showing that approximately 19,541 (8.2% of the population) Lake County residents are living in poverty.
We have estimated that by 2030 approximately 32% of Lake County seniors not living in nursing homes will exceed their Housing Affordability Threshold [30% of their annual income spent on mortgage, utilities and property taxes]
From the U.S. Census Bureau, we found these statistics:
- The Federal Poverty Level for a household of (1) is $12,760 / for (2) $17,240 / for (4) $26,000
- Nationwide the median household income was $68,703 in 2019, an increase of 6.8 percent from the 2018 median of $64,324.
- The official nationwide poverty rate in 2019 was 10.5 percent, down 1.3 percentage points from 11.8 percent in 2018.
Did You Know? “The Federal Poverty Level (FPL) is a measurement of the minimum amount of annual income that is needed for individuals and families to pay for essentials, such as room and board, clothes, and transportation.”
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REPRESENTATIVE TROY CALLS FOR CHANGES TO HOMESTEAD TAX EXEMPTION LAWS
Hopes to help seniors and disabled Ohioans stay in their homes
Published Sunday, March 21, 2021
State Representative Daniel P. Troy (D-Willowick) has introduced legislation that updates Ohio’s Homestead Tax Exemption program. According to the legislator, the changes to the tax exemption law are long overdue. The changes will provide much needed tax relief to senior citizens 65 years of age or older, as well as qualifying Ohioans who are disabled.
According to Representative Troy, House Bill 207 makes three notable changes to the current homestead exemption law:
· It increases the income amount at or below which a homeowner can apply for the homestead tax exemption from 34,200 to $37,500;
· It increases the taxable property value exemption from $25,000 to $31,200;
· And it indexes the property value exempted so that it is annually adjusted for inflation.
“By updating the eligibility threshold for the Homestead Tax Exemption program, and increasing the exemption, we will help our needy Ohioans and those with disabilities reduce their property tax burden and save them dollars often needed for other essential necessities,” said Rep. Troy.
Ohio’s homestead tax exemption was first enacted in 1971, and according to Representative Troy, has not always been updated and adjusted for increases in the cost of living.
“This is a modest proposal, and I certainly wouldn’t object if my colleagues wish to increase the proposal limits, that will bring some needed relief to our senior citizens on lower fixed incomes that want to stay in their homes. As our state’s population rapidly ages, property tax reform and relief should be one of our foremost public policy objectives,” Representative Troy stated. He is hopeful his proposal, which has bipartisan co-sponsorship, will be referred to a committee soon to begin hearings.
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Categories: Lake, Local News, Real Estate Taxes, Uncategorized