Headline: "Stadium tax rebate favors wealthy." Analysis: "No shit." Owners of the county's most-expensive homes reportedly receive more savings from the property tax rollback than they pay in the sales tax increase that was supposed to pay for the sports stadiums. An Enquirer analysis of last year's property tax payout found that the half-cent sales tax increase amounts to a maximum of $192 annually, while some high-value homeowners received tax rebates of $1,175 or more.
• Million-dollar homes account for less than 1 percent of households, yet they received nearly 5 percent of the total rebates — or one out of every $20 paid out.
• One out of four homeowners - those with a home worth $200,000 or more - got $8.8 million in rebates - more than half the total rollback.
• The median Hamilton County homeowner with a property worth $106,700 is eligible to get a $50.15 rebate under the rollback.
• The 132 Hamilton County homeowners with houses worth $2.5 million or more get at least $1,175 apiece.
• Property owners with homes worth $150,000 or less account for nearly six out of 10 households, but collectively they received less than 23 percent of the benefits.
County commissioners have four days to
tell the auditor to go ahead and tax homeowners at the previous rate,
but Chris Monzel and Todd Portune are up for reelection this year and
won't dare change take it away from the powerful rich people.
[Correction: Monzel is not up for reelection.]
Said former commissioner David Pepper:"At its core, the property tax rollback creates a reverse-Robin Hood scheme, where middle-class homeowners and renters are not only the ones paying for the stadium, but also footing the bill for a tax break for high-value property owners. Those high-end property owners are not paying for the stadium at all."
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