My opponent in the race for Hamilton County Treasurer clearly does not understand my plan for cutting property taxes, or else he would not have misstated the facts in a recent CityBeat article ("Playing the Stadium Cost Overrun Game," issue of Aug. 3-9).

Incumbent Treasurer Robert Goering says that for the Drake Plan to work, Hamilton County would need to generate $52 million in order to give property owners a 7 percent tax cut. He further points out that only 13,000 taxpayers participate in the existing Treasurer's Optional Payment (TOP) plan, which allows them to pay their property taxes in monthly installments. However, there is an important difference between TOP and the Drake Plan. Under TOP, the county keeps all interest generated by early property tax payments. The taxpayer gets nothing in return and, therefore, has no incentive. It isn't hard to understand why so few people take part in TOP.

Under the Drake Plan, property owners would receive a tax credit at the end of the year equal to the interest earned on their early payments. This could amount to about a 7 percent tax savings for business and homeowners in Hamilton County.

Contrary to what my opponent says, it makes no difference how much revenue is raised by the county. Everyone who voluntarily participates in the Drake Plan will enjoy a savings on their property taxes. It's that simple.

Bob M. Drake
Candidate for Hamilton County Treasurer

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