(ONN) – Sweeping property tax reform was signed into law by Ohio Governor Mike DeWine

Lawmakers say the package of five bills could save property owners $2 billion over the next three years.

“With the signing of these bills, no longer will families see dramatic spikes in their real estate taxes,” the governor said.

The legislation prevents unvoted property tax spikes by establishing a new inflation cap credit.

It also prevents increases in school district property taxes from exceeding the rate of inflation.

The laws go into effect in March.