The bill introduced by Representative Schmidt aims to authorize a temporary property tax reduction for eligible properties in Ohio. It defines "eligible property" as real property that was on the tax list for tax year 2022 and continuously owned by the same person from January 1, 2022, to December 31, 2024, or a manufactured or mobile home on the tax list for tax year 2023 under the same ownership conditions. The bill specifies that property taxes for eligible properties will be reduced for tax year 2024 based on the difference between current taxes for that year and those for tax year 2022. Similarly, manufactured home taxes will be reduced for tax year 2025 based on the difference between the current taxes for that year and those for tax year 2023.

Additionally, the bill outlines that if a person has already paid their property taxes for the applicable years without accounting for this reduction, the full reduction amount will be deducted from their next tax payments until the excess reduction is fully applied. The county auditor is tasked with certifying the reduction amounts to the county treasurer within fifteen days of the bill's effective date, and importantly, no application is required for property owners to receive this tax reduction.