The bill amends several sections of the Revised Code related to property tax sales-assessment ratio studies, specifically sections 5715.012, 5715.16, 5715.251, and 5715.26. Key changes include a requirement for the tax commissioner to base sales-assessment ratio studies solely on a representative sampling of sales provided by the county auditor, which must include only open market arms' length sales occurring within the three years prior to the tax year in question. Additionally, the bill clarifies the roles of the county auditor and the tax commissioner in the appeals process regarding property assessments, allowing both parties to appeal determinations made by the other.

Further modifications include the stipulation that if a county auditor fails to comply with certain requirements regarding the submission of adjusted property abstracts, the tax commissioner may withhold a portion of state revenue distributions to that county. The bill also establishes a timeline for the board of tax appeals to render decisions on appeals, ensuring that such decisions are made before the end of the tax year in which the appeal is filed. Overall, these amendments aim to streamline the property tax assessment process and enhance the accuracy and fairness of property valuations.

Statutes affected:
As Introduced: 5715.012, 5715.251, 5715.26
As Reported By House Committee: 5715.012, 5715.16, 5715.251, 5715.26
As Passed By House: 5715.012, 5715.16, 5715.251, 5715.26