COLUMBUS—The House Ways and Means Committee today began hearings on House Bill 263, the 70 Under 70 Plan, announced bill sponsor, State Rep. Thomas Hall (R-Madison Twp.).
This Plan will protect Ohio seniors from increases in property taxes by implementing a property tax freeze for individuals that meet the following eligibility requirements:
- Individual must be seventy years of age or older
- Income must not exceed seventy thousand dollars
- Individual must have owned their home for ten years or more
“As property values rise over time, the increase in taxes can cause undue financial strain on older individuals who may already be dealing with rising healthcare costs and other essential expenses,” said Hall during his sponsor testimony. “By freezing property taxes, seniors are shielded from sudden and potentially unmanageable financial burdens, allowing them to allocate resources to other critical needs.”
Hall cites the recent projected increases in property taxes in many Ohio counties as the driving factor behind this bill.
The 70 Under 70 Plan awaits proponent testimony in the House Ways and Means Committee.