The bill amends the Revised Code to implement a property tax freeze for certain owner-occupied homes, specifically targeting individuals aged sixty-five and older and those with disabilities. It introduces a new section, 4503.0612, which stipulates that real property taxes on a qualifying homestead will be reduced each year an application for the reduction is approved, as long as the applicant's total income does not exceed seventy thousand dollars. This provision aims to alleviate the financial burden on senior citizens and disabled individuals by ensuring their property taxes do not increase annually. Additionally, the bill modifies existing sections to streamline the application process for tax reductions and clarifies that these reductions do not apply to special assessments.

Furthermore, the bill includes provisions for late applications for tax reductions, allowing applicants to receive refunds for overpayments if their late applications are approved. It mandates that property owners notify the county auditor if they no longer qualify for tax reductions, with penalties for non-compliance. The bill also introduces new requirements for counties with major league professional athletic teams to grant partial real property tax exemptions to homesteads receiving tax reductions. Significant changes include the deletion of references to section 319.302 and the addition of new sections 4503.065 and 4503.0612, which provide clarity on tax reductions and exemptions. Overall, the legislation aims to streamline the tax process while ensuring compliance and accountability among property owners, particularly benefiting vulnerable populations.

Statutes affected:
As Introduced: 323.152, 323.153, 323.156, 323.158, 4503.06, 4503.066, 4503.067, 4503.069, 4503.0610