property tax rate

Jay Hanselman

The full Cincinnati Council will vote Wednesday on a tentative tax budget that keeps the city's property tax rates for 2016 the same as this year.  

A committee approved the document Monday which must be submitted to the Hamilton County Auditor's office by January 16.  

Council Member Chris Seelbach voted against the tentative tax budget.

“We don’t have the full picture yet for me to say definitely this is the right way to go,” Seelbach said.

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.