The bill amends various sections of the Revised Code to implement a reduction in school district property taxes, particularly by addressing a millage floor that limits tax increases in accordance with inflation. It introduces a new section, 319.303, which defines "farming activity" and "residential activity," and establishes a partial exemption from real property taxation for properties not primarily used for business activities. Key changes include a ten percent partial exemption for farming properties and a tiered reduction for residential properties starting at seven and a half percent. The tax commissioner is tasked with determining necessary reductions annually, ensuring that these adjustments do not impact the principal amounts of notes issued in anticipation of tax levies.

Additionally, the bill outlines tax reductions for vulnerable populations, including permanently disabled individuals, seniors aged 65 and older, and surviving spouses of eligible individuals, with specific provisions for calculating these reductions based on income levels and previous tax reductions. It also addresses the taxation of manufactured and mobile homes, establishing procedures for tax billing and collection, and clarifying exemptions. The bill mandates that the county treasurer identify authorized reductions on tax bills as the "Inflation Cap Credit" and requires transparency in tax assessments. Overall, the bill aims to provide financial relief to property owners while ensuring compliance and clarity in tax obligations.

Statutes affected:
As Introduced: 319.301, 323.08, 323.152, 323.155, 323.158, 3317.017, 3317.02, 3317.021, 3317.16, 4503.06, 4503.065, 4503.0610
As Reported By House Committee: 319.301, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610
As Re-referred to House Committee: 319.301, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610
As Passed By House: 319.301, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610
As Reported By Senate Committee: 319.301, 319.302, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610, 5715.16, 5715.19
As Passed By Senate: 319.301, 319.302, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610, 5715.16, 5715.19
As Enrolled: 319.301, 319.302, 323.08, 323.152, 323.155, 323.158, 4503.06, 4503.065, 4503.0610, 5715.16, 5715.19