Cincinnati property tax rate

Ann Thompson / WVXU

Cincinnati Council is expected to vote Wednesday to issue $8 million worth of bonds to finish another portion of Smale Riverfront Park.  That borrowing likely will mean city homeowners will not see a decrease in a portion of their city property taxes.

Issuing bonds is essentially the same thing as taking out a mortgage on a house.  You get a large lump sum of money up-front and then pay it back over a long period of time.  The city sets aside a portion of its property tax revenue to make these payments.  

Jay Hanselman

Cincinnati residents should soon be receiving their property tax bills, and already city council is working to set the rate for 2015.  

The city still wants to collect about $29 million in revenue from property taxes for operating expenses, and so the actual tax rate will decrease slightly from this year.  

Vice Mayor David Mann tried to increase operating revenue by a half-million dollars, but his plan was rejected.  He said it is about what resident expect.

Jay Hanselman

The full Cincinnati Council has formally approved the 2013 city budget.

Most of the votes were 6-3…with Qualls, Young, Quinlivan, Seelbach, Simpson and Thomas voting yes and Sittenfeld, Smitherman and Winburn voting no.

Council didn’t vote Friday to approve leasing the operation of some city parking facilities to a private company.

By mid-January Cincinnati City Council must decide how much property tax money it wants to collect for the 2014 budget year. 

The vote will come as the body works to finalize next year's spending plan.

The rate must be set earlier because the city is changing from a calendar year budget to a fiscal one. 

For the last decade Council has been holding the amount of property tax revenue collected steady or slightly reducing it. 

A Council Member asked Budget Director Lea Eriksen this week what that's meant for the city.