Greater Cincinnati Property Tax Shock: Navigating the Rise

Quick Summary County property taxes have risen dramatically The Board of Revision (BOR) could potentially lower your tax bill Important Deadline: It is important that property owners remember that challenges must be filed between January 1 and March 31. As residents of Greater Cincinnati, we've enjoyed relative stability in property taxes for over two decades. However, 2024 brings a significant shift, with taxes rising for the first time since 1999. This new financial landscape can be unsettling, impacting budgets and sparking confusion. We aim to clarify the situation, highlight potential solutions, and emphasize the valuable role expert guidance can play in mitigating the impact on your finances. The New Reality: Understanding the Change The "rollback" policy, in place since 1999, has kept property taxes relatively stable. However, this year, that's changing. The millage rate increases to 6.1 mills, which translates to an estimated $36 million increase in revenue for the city. While this change aims to address infrastructure needs and essential services, it undoubtedly affects homeowners significantly. Impact on You: Beyond the Numbers This rise isn't merely a statistic; it's a tangible impact on your financial well-being. Budgets need adjusting, spending might require re-evaluation, and concerns about managing the increased burden are understandable. But remember, you have options. Exploring Relief: The Board of Revision Many homeowners may not be familiar with the Board of Revision (BOR). This crucial entity oversees property tax assessments and offers a pathway to contest them if you believe yours is inaccurate. The BOR serves as [...]