State Sen. Al Cutrona, R-Canfield, has introduced legislation to cut property taxes for Ohioans 65 and older by 50%.

State Sen. Al Cutrona, R-Canfield, is sponsoring a bill to provide a 50% property tax reduction for any homeowner who is at least 65 years old regardless of income.

“Whatever your current situation, this would be a clean 50% reduction,” said Cutrona, whose district includes all of Mahoning, Columbiana and Carroll counties. “We are taxing the elderly out of their homes at this point. It’s ridiculous. A lot of property tax reform is needed, and we are working on that. In the interim, we have to take care of our most vulnerable population, which includes our elderly.”

Cutrona said the 50% reduction would cost about $1.5 billion annually with that money coming from the state’s general revenue fund.

“It sounds like a lot, and it is, but libraries alone receive $500 million a year,” Cutrona said. “We have the resources to do it. We can cut the fat off the budget. The state’s operating budget is a huge number.”

The state’s general revenue fund is about $100 billion.

By using the existing money from the general revenue fund to make up the money given to seniors through this proposal, Cutrona said it would maintain tax collections for various government taxing entities such as school districts, cities, townships and villages.

“I don’t want it to become a tax replacing another tax,” he said. “What does this mean for our local schools? This is a clean way from having anyone else pay for it. It’s a reallocation of dollars without costing people additional money as we’ll do it with existing funds.”

This would be on top of any senior who currently receives other property tax relief, such as the homestead exemption, Cutrona said.

“Increased tax rates have the greatest negative impact on older citizens and those on a fixed income by taxing them out of their home,” he said.

To be eligible for a homestead exemption, a person must be at least 65 years old, own their home and not have a total household income over $40,000.

The exemption reduces the amount of the value of their property that is taxed by $28,000. For example, a house valued at $100,000 would have the first $28,000 exempt so it would be taxed with a value of $72,000. That usually saves a homeowner about $400 to $500 in annual property taxes.

About 800,000 Ohioans get the homestead exemption, which is also available to military veterans with a $56,000 exemption.

Unlike the homestead exemption, Cutrona’s proposal doesn’t have an income limit.

That includes millionaires over the age of 65.

“When you reach the age of 65, regardless of your income, you should be able to get a benefit on your property taxes,” Cutrona said. “As far as I’m concerned, they’ve earned it. Many people are disqualified from the homestead exemption because of their pensions. They earned that money. That’s why I didn’t want to disqualify people. They may have had to withdraw money from their pensions.”

Cutrona said of his bill: “It’s a very good step in the right direction.”

Cutrona said he’s received positive feedback from his fellow Republicans who control the state Senate.

“We’ve had long discussions on property tax relief, and we need that relief in Ohio,” he said.

Cutrona’s bill was referred to the Senate Ways and Means Committee.