Some Cincinnati homeowners could get help with their property taxes soon.
Mayor Aftab Pureval and Hamilton County officials Monday announced a new program offering forgiveness on back property taxes for city residents who own houses worth no more than $100,000.
Pureval said the program responds to an urgent need but could also have future impact.
"Of course the short-term goal [is] to make sure that folks aren't going into default or foreclosure," he said. "But this is also a long-term generational wealth play. Homeownership is the best way to create wealth for yourself and future generations. By wiping out this debt, not only are we keeping people in their homes, but we can also make sure they're passing on their properties to the next generation."
Hamilton County Treasurer Jill Schiller said the program could cancel as much as $850,000 in delinquent property taxes and help between 200 and 300 homeowners.
"My office will accept payment of thirty cents on the dollar to settle the debt with the amount of $250,000 from the city specifically for tax relief," she said. She added that's money the county likely wouldn't otherwise see because many of the eligible homeowners can't afford to pay it.
The program will receive administrative help by the Hamilton County Land Bank.
Pureval and county leaders acknowledged the initiative won't fix all of the challenges facing homeowners struggling with recent large spikes in property taxes. They said other efforts will have to come from state legislators, who have been debating more permanent solutions.
To qualify for the debt relief, eligible Cincinnati residents must agree to take financial planning classes with nonprofit Working in Neighborhoods. Those classes are designed to help low- and moderate-income homeowners maintain long-term financial stability.
Working in Neighborhoods Executive Director Sister Barbara Busch said eligible households will get a letter in the mail soon about the program. She urged recipients to reply by Sept. 15 — and to be prepared for some paperwork.
"We will move forward with you to help you," she said. "Remember though, this is going to take some work. This is not just a 'you call us and this all gets fixed.' "
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