The bill amends section 5713.041 of the Revised Code to classify certain storage condominiums as residential property for tax purposes. It introduces a definition for "storage condominium," which includes properties owned by individuals that are dedicated to the storage of vehicles, boats, trailers, recreational vehicles, or household items. The bill specifies that these storage condominiums will be classified as residential/agricultural real property, alongside lands and improvements used for residential or agricultural purposes.

Additionally, the bill outlines that each parcel of real property will be classified by the county auditor based on its principal current use, with provisions for reclassification if the use changes. The amendment also states that the classification is intended solely for tax reduction purposes and does not apply to other classifications required by law. The existing section 5713.041 is repealed, and the new classification rules will take effect for tax years ending on or after the effective date of the amendment.

Statutes affected:
As Introduced: 5713.041