NFIB Urges Lawmakers to Ease Property Tax Burden on Small Businesses

Owners also want to know more about how their property tax dollars are being spent

NFIB State Director Chris Ferruso went before the Joint Committee on Property Tax Review and Reform on Wednesday, Feb. 7, and urged lawmakers to relieve at least some of the financial pressure on the state’s small businesses.

In his written testimony, Ferruso says property taxes rank as one of the most important issues facing Main Street businesses today. “Unfortunately, the increase in real property values in some parts of the state has skyrocketed,” he says. “Coupled with the … inflationary pressures on daily necessities, there are a lot of individuals who are encountering challenging financial situations.”

Ferruso says NFIB supports House Bill 344, legislation that supports an existing law limiting who may initiate challenges to real property valuations. “We feel the county auditors are doing their diligence when assessing values,” Ferruso says. “Any dispute should be between the property owner and auditor,” not a third party.

Ferruso also encouraged lawmakers to increase transparency when it comes to how property tax revenue is spent. “We believe a key component of this discussion is transparency to taxpayers on what their property taxes are going to fund.” He cites Franklin County’s website, which allows owners to see the dollar amount local entities receive from taxes collected on specific properties.

Click here to read a full copy of his prepared statement.

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