All Eyes on iBuyers: What Does the Future Look Like?
Cincinnati City Council to Set 2020 Property Taxes
On January3, 2019, Cincinnati City Council’s Budget & Finance Committee voted to keep Property Taxes in 2020 at today’s current amount, thereby setting the stage for continuing the Property Tax Rollback – a long-standing, key issue of the Cincinnati Area Board of REALTORS® and property owners throughout the city.
Want to see Cincinnati Area Board of REALTORS® Advocacy in action?
CABR’s Director of Government Affairs Mark Quarry testifies before the committee and explains the importance of rejecting the city administration’s recommendation to increase property taxes. At the conclusion of his remarks, virtually every city councilmember espouses the importance of home ownership and the need to keep property taxes low in the City of Cincinnati! Watch the video below.
The final
vote on the matter will occur at 2:00pm this Wednesday January 9, 2019 at the
Cincinnati City Council meeting.
Hamilton County Real Property Transfer Tax
Hamilton County Commissioners Vote 2-1 to Increase the Real Property Transfer Tax
It will be more expensive in 2019 to sell a property in Hamilton County.
Hamilton County Commissioners Todd Portune and Denise Driehaus voted today to increase the Real Property Transfer Tax by 1 mill, putting Hamilton County’s Transfer Tax at the maximum 4 mill limit permitted by Ohio law. Commissioner Chris Monzel dissented, voting against the tax increase.
Hamilton County now joins Clermont County as the only two counties in our region at the maximum 4 mill limit. Butler County and Warren County are currently at 3 mills.
The Resolution passed by Commissioners today contained a provision that will include an annual review of this increase in hopes that if county revenue comes in higher than projected, the Commissioners might vote to reduce this 1 mill increase.
As reported by the Cincinnati Enquirer, “If you sell a property, you’ll help the county cover the deficit. The owner of a $100,000 house will now pay the county $400, up from $300 this year after the commissioners raised the real estate transfer fee.”
The Transfer Tax is essentially a transaction fee imposed on the transfer of title to property. It is imposed where there is a legal requirement for registration of the transfer.
Click here to read the Cincinnati Enquirer’s article on today’s vote.
Help Prevent Hamilton County Property Transfer Tax INCREASE
As you know, The Cincinnati Enquirer recently joined the Cincinnati Area Board of REALTORS® in opposing any increase in the Hamilton County Real Property Transfer Tax!
This Wednesday December 12, 2018 at 11:30am, the Hamilton County Commissioners will cast their vote!
PLEASE HELP! Tell Commissioners Todd Portune and Denise Driehaus to reject this increase in the Transfer Tax! Commissioner Chris Monzel has already vowed he is opposed to any increase in the Transfer Tax.
As former Hamilton County Commissioner and current Ohio Democratic Party Chairman David Pepper said in 2007, “We’re trying to get more people to move into Hamilton County and buy houses; we can’t be charging them more to do it.”
Please Make Your Voice Heard! Help STOP this INCREASE in TAXES!
Contact Todd Portune and Denise Driehaus right now!
Todd Portune todd.portune@hamilton-co.org 513-946-4401
Denise Driehaus denise.driehaus@hamilton-co.org 513-946-4406
Reality Meets Reality TV
Housing Bubble
Ohio home to most affordable houses
Ohio is the most affordable state in the nation for home buyers, according to a new study by the National Association of Realtors. Using home prices, mortgage costs and median income figures, the trade association concluded that buyers in Ohio have the easiest time affording a home while those in Hawaii and California have the toughest time. “The survey confirms that the lack of entry-level supply is putting affordability pressures on too many buyers – especially those at the lower end of the market, where demand is the strongest,” said Lawrence Yun, the chief economist with the Realtors’ group. (read more)