The bill amends various sections of the Revised Code to implement reductions in school district property taxes, particularly by addressing the limitations of a millage floor linked to inflation. It introduces a new section, 319.303, which defines and outlines processes for property tax exemptions related to farming and residential activities. The bill establishes specific tax exemptions for properties used primarily for farming (10% exemption) and residential properties (7.5% exemption in the first year with incremental increases thereafter). Additionally, it mandates that the tax commissioner annually determines necessary reductions in tax levies to ensure total taxes do not exceed set thresholds.

Furthermore, the bill enhances tax reductions for vulnerable populations, including permanently disabled individuals, seniors aged 65 and older, and surviving spouses of qualifying individuals. It introduces provisions for partial exemptions from real property taxes for homesteads and manufactured homes, with specific percentages for the first three years following the amendment. The bill also clarifies the treatment of manufactured and mobile homes for tax purposes, including the assessment process and penalties for late payments. Overall, the bill aims to streamline tax processes while providing substantial financial relief to eligible 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
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