Rethink tax cut proposal
Proposals from advocacy groups and lawmakers have plenty of Ohioans talking about what it would mean to reduce or eliminate property taxes in the state.
Certainly, state government should always be working to leave as much money in residents’ pockets as possible. But responsible public officials must be careful not to venture into extreme ideas that would do more harm than good.
State Sen. Al Cutrona, R-Canfield, has sponsored a bill to provide a 50% property tax reduction for any homeowner at least 65 years old. Income would NOT be a factor. It is tempting to wonder why, if Cutrona’s concern is for those seniors who are in such a tenuous financial position they are in danger of losing their homes, he has included all income brackets in the plan.
It would mean a loss of approximately $1.5 billion in revenue annually for the state. Cutrona acknowledges that.
Cutrona and lawmakers considering the proposal must ask themselves what damage might be done if that amount of money disappears. They must also bear in mind Ohio is losing population but the number of those 65+ has been steadily increasing here for decades. What will lawmakers do when that $1.5 billion loss only gets deeper?
“When you reach the age of 65, regardless of your income, you should be able to get a benefit on your property taxes,” Cutrona said. But in 2023, 15.8% of Ohioans over age 65 were still part of the workforce.
Perhaps Cutrona has the seeds of a good idea. But to believe that there will always be enough money flowing into the general revenue fund to make up for a $1.5 billion loss isn’t the responsible way to get it done.