On January 8, 2020, Cincinnati City Council voted unanimously to continue the Cincinnati Property Tax Rollback (PTR) – the policy of “rolling back” the city’s property tax rate to an amount that brings in no more than $28.9 million of revenue annually to the city’s 2021 Operating Budget (or General Fund).
By continuing to be a longtime champion and advocate for the Property Tax Rollback since it began in 1999, the Cincinnati Area Board of REALTORS® (CABR) has saved Cincinnati Property Owners over $100 million in unvoted property tax increases. This is another HUGE WIN for REALTORS® and Property Owners in the City of Cincinnati.
Although the PTR ultimately received a unanimous vote (9-0), Councilmembers David Mann and Chris Seelbach said the city should increase taxes and set the inside millage rate to 6.1 mills, the maximum allowed per the city’s charter.
In a Cincinnati Business Courier article, reporter Chris Wetterich states the PTR was “…originally touted as a way to bring up the homeownership rate in the city.” Mr. Wetterich’s claim is only partly true.
As former Councilmember Jeff Berding previously described it, “the PTR was designed to address certain inefficiencies that exist within Cincinnati’s budgeting process.”
Simply stated, the Property Tax Rollback was put into place to save Cincinnati Property Owners from unvoted tax increases that would naturally occur as property values increase over time.
By working each year to continue the Property Tax Rollback, CABR ensures that an unfair and disproportionate tax burden is not placed solely on the backs of property owners.
Reprint provided as a Government Affairs service of the Cincinnati Area Board of REALTORS®.