Highland Heights will see a 4% tax rate increase for the upcoming fiscal year.
The city met earlier this month to discuss whether or not they would pursue the proposed tax rate, and they passed it during Tuesday’s council meeting.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
City residents will see the new rate reflected in the next tax bill coming this fall.
Mayor Greg Meyers said that the new tax rate helps the city continue to provide services to citizens while also keeping up with recent inflation.
“We want to maintain the quality of [the city’s] services, but at the same time, those things cost money,” Meyers said. “We have to keep up with inflation.”