The bill proposes amendments to the Revised Code aimed at reducing property taxes for school districts affected by a millage floor, which limits tax increases based on inflation. It introduces new legal language in section 319.303, defining terms such as "qualifying nonbusiness property" and "qualifying business property," and establishes criteria for tax reductions based on property classifications. Specifically, qualifying nonbusiness properties can receive tax reductions if the school district's floor tax revenue exceeds its indexed property tax revenue during a reappraisal or triennial update, with reductions applicable for the current tax year and the following two years. The bill also modifies the school funding formula to ensure stable and equitable funding while providing financial relief to property owners.

Additionally, the bill outlines changes to the calculation of state funding for school districts, particularly for fiscal years 2024 and 2025, by replacing the previous three-year average valuation method with a new "qualifying valuation" approach. It establishes definitions and calculations for various educational entities, including provisions for English learner programs and special education services in joint vocational school districts. The bill also addresses tax reductions for manufactured and mobile homes, clarifying eligibility criteria and payment structures, while repealing certain existing sections of the Revised Code to streamline the implementation of new provisions. Overall, the bill aims to enhance tax relief and ensure accurate funding distribution across educational institutions.

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