Great news for homeowners in Hamilton County, Ohio: if you’re one of them, get ready for a nice surprise next year, as the Hamilton County Commissioners have given the green light for a higher stadium tax rebate. This decision comes as a result of a unanimous vote during the recent session, marking a positive turn for residents in the area.
Back in 1996, when voters approved a half-cent sales tax to fund the construction and maintenance of Great American Ball Park and Paycor Stadium, a commitment was made to return 30% of the revenue back to homeowners as tax rebates. However, due to budgetary challenges, this promise has not been consistently fulfilled since 2011.
Hamilton County Stadium Tax Rebates in 2024
President Alicia Reece made a bold move during the vote by proposing a higher rebate, aiming for the original 30% of revenue. Despite her efforts, the motion did not receive a second from the other commissioners, resulting in its failure without a vote. Nevertheless, there’s still positive news on the horizon.
The commissioners, including President Alicia Reece, ultimately settled on Administrator Jeff Aluotto’s recommendation of a rebate using 12.4% of collections, totaling about $12.8 million. This surpasses the rebate approved for the current year (2023), which stood at 10.5% of revenue, equivalent to approximately $9.6 million.
“The good news for the taxpayer is that because we’re bringing in more revenue through the sales tax fund, the property tax rebate is going to go up this year, compared to last year,.” This boost in revenue is a positive outcome for homeowners, and the commissioners are working to fulfill promises made despite past challenges.
How Much Will Your Property Taxes Be Reduced Next Year?
The sales tax fund is designed to cover the maintenance costs and servicing the debt on bonds issued for stadium construction. Maintaining the fund’s balance at around 85% of the maximum annual debt service is the guiding principle behind the recommended rebate.
Commissioner Stephanie Summerow Dumas acknowledged the challenges posed by the property tax rebate and the Bengals’ lease but emphasized the commitment to fulfilling promises. She expressed, “We could actually say no PTR, but we have not decided to do that — there is an increase this year.”
Homeowners can look forward to a reduction of $43.70 per $100,000 of home value on their 2024 property tax bills. President Alicia Reece, despite her desire for a full 30% refund, voted in favor of the rebate, emphasizing the importance of keeping promises to the taxpayers who elected them.