City of Beavercreek issued the following announcement on January 25.
Beavercreek City Council Approves Resolution to Place 1 Percent Income Tax on May 3, 2022 Ballot
Some key points of the income tax ordinance being placed on the ballot:
- If approved, the income tax will be effective January 1, 2023
- If approved, the income tax will replace five existing property tax levies totaling 8.1 voted mills; the five existing property tax levies will be terminated for the tax year 2022 (approximately $134 per $100,000 of home value per year)
- Funding from the income tax will be used to replace the revenue generated by the terminated levies
- Funding from the income tax will be used to:
- provide additional funds for general municipal operations, including public safety and public services
- hire five additional police officers and five public service workers
- complete capital and infrastructure improvements including streets, curbs, stormwater, and public facilities
- provide and maintain municipal services, facilities and equipment
- Persons working in the City of Beavercreek, including non-residents, will be subject to the income tax; businesses earning income in the City are also subject to the income tax
- A 100 percent tax credit of up to one percent may be claimed by Beavercreek residents who work in and pay taxes to another municipality (based on the same income); Per the tax code, the income tax credit cannot be changed without first obtaining the approval of the change by the majority of the electors of the city at a general election
- Income includes (but is not limited to):
- Residents wages, salaries, income and commissions
- Non-residents wages, salaries and commissions
- Lottery, sweepstakes, gambling and sports winnings
- Some types of income are exempt from taxation; a complete list of exempted income can be found at Section 39.03 of the Beavercreek Income Tax Code; examples of exempt income include, but are not limited to, the following:
- Military pay, Reserve and National Guard pay
- Intangible income: interest, capital gains, dividends
- Social Security benefits, unemployment compensation pensions, retirement benefit payments, annuities, disability payments
- Alimony and Child Support
Original source can be found here.
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