The bill amends various sections of the Revised Code and introduces a new section, 319.303, to facilitate reductions in school district property taxes impacted by a millage floor, which limits tax increases based on inflation. This initiative aims to provide financial relief to property owners by ensuring that property tax levies do not surpass a specified threshold. Key provisions include definitions for "qualifying nonbusiness property" and "qualifying business property," which establish eligibility criteria for tax reductions. The bill also mandates adjustments to the school funding formula to accommodate these tax reductions, ensuring that school funding remains stable while creating a more equitable tax structure.

Additionally, the bill modifies existing tax reduction provisions for individuals such as disabled veterans and surviving spouses, clarifying eligibility criteria and calculation methods for tax reductions. It introduces new definitions and calculations related to funding for special education and economically disadvantaged students, while also addressing the financial responsibilities of joint vocational school districts regarding special education costs. The legislation streamlines the taxation process for manufactured and mobile homes, establishing clear guidelines for their appraisal and tax exemptions. Overall, the bill aims to enhance support for students with disabilities, ensure equitable funding distribution, and simplify the tax reduction process for property owners.

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