Ohio House Bill 1, which aims to establish a flat income tax rate, would increase property taxes and cut business taxes unless the Republican-backed bill is amended.
and The Plain Dealer earlier reported. But experts who have analyzed the bill say it also carries potentially severe ramifications for taxpayers that the bill’s backers have, so far, failed to address. Specifically, a decades-old state law designed to stabilize property tax collections against crashes or spikes in property valuations, could mean higher taxes for homeowners, in light of HB 1′s reduction in the percentage of property that can be taxed.
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