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Sponsors present pilot to allow limited property tax deferrals for homeowners (HB 483)
Summary
HB 483 would let eligible owner-occupied homeowners apply to defer up to 10% of their home's value in property taxes (3% interest), limited to homes under $750,000 and income caps; sponsors described a revolving fund to reimburse local governments and recover payments upon sale or transfer. Committee members questioned caps, senior targeting and seed funding.
The Ohio House Ways and Means Committee heard sponsor testimony on House Bill 483, a pilot program allowing eligible homeowners to defer a portion of property taxes under specified conditions.
Representative Williams, the sponsor, described the proposal as a tool to address spikes in property taxes that can force homeowners from their homes. Under the bill as presented, homeowners in owner-occupied dwellings valued under $750,000 who meet income caps could defer up to 10% of market value in property taxes; deferred taxes would accrue at a 3% interest rate and would be repaid when the property is sold or the homeowner dies. Williams said the program would be opt-in for counties and paid initially through a state revolving fund that reimburses local governments and is replenished when deferred taxes are collected.
Joint sponsor Representative Matthews said the bill targets property-tax "spikes" and aims to protect seniors and first-time homeowners. Committee members probed the caps and targeting. Representative Daniels and others asked about the $750,000 home-value cap and suggested income caps could be lower to better target need. Representative Richardson suggested piloting the program focused on seniors; sponsors said they prefer a broad pilot but are willing to work on outreach and prioritization to ensure seniors and other vulnerable populations learn about the program.
Members also sought cost estimates. Sponsors said they did not include a specific appropriation at introduction and estimated preliminary seed funding could range from $50 million to $100 million depending on scope; they said the revolving structure and 3% interest would be designed to make the fund sustainable over time. The committee did not vote on the bill at this session; sponsors said they would continue working with members on caps, eligibility and appropriation timing.
