Lower Property Tax Rebate Proposed For 2018
Hamilton County property owners may get a little less back on their property tax bill next year. The county administrator is recommending a lower property tax rebate (PTR) for 2018. The PTR was created to offset a sales tax hike to fund construction of Paul Brown Stadium and Great American Ball Park.
Property owners would, on average, receive $37.22 per $100,000 of value.
County Administrator Jeff Aluotto is advising commissioners approve funding the rebate at $10 million for 2018. He says increased sales tax revenues in recent years and refinancing of the stadium bonds in 2016 have helped stabilize the stadium fund.
However, Aluotto told the board Monday morning the ending of the Medicare managed care sales tax hit both the general fund and the county's ability to enact a full PTR. State and county authority to tax Medicare managed care transactions ended in June, 2017. Lawmakers haven't identified a replacement revenue source. Economists have predicted a nearly $800 million dollar revenue loss for state and county governments and transit authorities.
"We would be recommending a higher level of a PTR, without a doubt, if the state action had not taken place," Aluotto says.
For 2017, commissioners approved funding the property tax rebate at its full authorized amount, meaning $24 million went back to taxpayers, an average of about $50 per $100,000 of property value.
County Auditor Dusty Rhodes has asked for the PTR to be set by November 27 so his office can prepare tax bills for next year. Commissioners could vote on Monday.