The bill amends sections 5715.012, 5715.16, 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 the tax commissioner must base these studies solely on a representative sampling of sales provided by the county auditor, specifically focusing on 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 amendments include the requirement for the county auditor to present assessment returns to the county board of revision annually, and the stipulation that if the auditor fails to comply with certain requirements, the commissioner may withhold a portion of state revenue distributions to the county. The bill also establishes a timeline for the board of tax appeals to render decisions on appeals, ensuring that any adjustments to property valuations are made in a timely manner. Overall, these changes aim to enhance the accuracy and efficiency of property tax assessments in Ohio.
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