As the famous saying goes, there are only two things certain in life: death and taxes. Unfortunately, for those of us living in Hamilton County, Ohio, increasing property taxes seems to be one of those certainties.
Property taxes in the state of Ohio are primarily used to fund our school systems. They also are used to fund local services for law enforcement, parks, libraries, seniors, and mental health. How much you pay in property taxes is determined by two things: the value of the property you live in and the tax levies that are approved by voters or the elected officials in the municipality where you live.
In November 2018, voters approved new levies to help financially support the Cincinnati Zoo, the public library and children’s services, among others. If you own a $200,000 home in Hamilton County, these three new levies alone will cost you approximately another $200 a year in property taxes.
Our elected officials also can make decisions that impact the amount we pay in property taxes. In December 2018, Hamilton County commissioners reduced the amount of the tax “rollback” property owners receive from the tax for the Reds and Bengals stadiums, approved back in 1996. For the owner of a $100,000 home this means rather than getting $90 back on your property taxes each year, you’ll now only get $29 back.
Is your financial plan optimized?
When is the last time you reviewed your complete financial picture? First Financial Bank has professionals in money management, mortgage lending and consumer lending to help walk you through the process and find solutions to making your property tax burden more manageable. Perhaps now is the time to consider a mortgage refinance? Or, would a home equity line of credit make sense for you? Are you over the age of 65 or a disabled military veteran? You might qualify for a homestead exemption.
At First Financial Bank, we are a community bank, not just a bank in your community. We understand the local issues that can impact your finances, and we are here to help you. Connect with a mortgage loan officer, today.