property tax rate

City parks
12:14 pm
Tue March 25, 2014

Borrowing money for Smale park will likely mean no property tax decrease

A water feature at Smale Riverfront Park
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.  

Read more