Tax change would spur Ohio development — and help low-income families most, new study says

It would tax land at four times the rate of the buildings and other improvements on it. The goal of a land-value tax is to create a financial incentive to develop unused or underused land in otherwise developed neighborhoods. Ohio state Sen. Louis Blessing III, R-Colerain Township, is proposing a constitutional amendment that would allow Ohio communities to opt into a version of a land-value tax. The median single-family home would see a 10% drop in property taxes, while taxes on multi-family units would decrease more than 16%. In places where a land-value tax has been implemented, there’s some evidence that it helped the overall economy.