❌ HB598
Authorize local governments to create residential stability zone
Summary
The bill authorizes local governments in Ohio to create residential stability zones where homeowners may qualify for a partial property tax exemption. It establishes eligibility criteria based on household income, ownership duration, and asset limitations, and outlines application procedures and penalties for false statements. The exemptions can last up to ten years, with provisions for renewal.
Rationale
The bill introduces government intervention in property taxation and creates exemptions that could lead to increased government control over property rights, conflicting with Libertarian principles of minimal government interference and free markets. The Libertarian Party of Ohio may find some alignment due to the focus on local governance, but the overall impact on property rights and taxation is contrary to their platform.
Risks and Concerns
- Increased government control over property rights
- Potential for cronyism in tax exemption processes
- Encouragement of dependency on government assistance