The bill amends sections 5715.012, 5715.251, and 5715.26 of the Revised Code to update the process for conducting property tax sales-assessment ratio studies. Key changes include stipulating that these studies must be based solely on a representative sampling of sales provided by the county auditor, specifically focusing on open market arms' length sales from the three years preceding 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.

Furthermore, the bill introduces new provisions regarding the consequences of failing to comply with the adjusted abstract requirements, including withholding state revenue distributions to non-compliant counties. It also specifies how taxes should be determined and collected during the appeal process, ensuring that the current year's taxes are levied based on the auditor's abstract unless adjustments are mandated by the board of tax appeals. The existing sections of the Revised Code that are being amended will be repealed, and the changes will apply to the current tax year and all subsequent years.

Statutes affected:
As Introduced: 5715.012, 5715.251, 5715.26