This bill amends sections of the Revised Code to enhance the property tax rollback for owner-occupants and nonbusiness properties, particularly focusing on real property used primarily for farming. It redefines qualifying properties for partial exemptions, clarifying that "farming" includes leasing land and holding vacant land designated for farming, while excluding land used for commercial timber production. Additionally, the county auditor is mandated to review each parcel annually for exemption eligibility. The bill also modifies the tax reduction for homesteads owned by certain individuals, such as the elderly and disabled, by introducing a new calculation method that provides a sum of seventy-five dollars plus twelve and one-half percent of the taxes levied on the homestead, replacing the previous fixed reduction amount.

Moreover, the bill introduces a new assessment schedule for manufactured and mobile homes based on ownership duration, with a decreasing percentage of value assessed over ten years. It clarifies that the assessable value will be 35% of the home's true value and outlines the responsibilities of county auditors and treasurers in tax collection. The legislation also specifies conditions for tax exemptions on manufactured homes, introduces penalties for late payments, and details the procedures for collecting delinquent taxes. By streamlining the appraisal and taxation process for manufactured homes, the bill aims to ensure compliance and fairness in tax assessments while repealing outdated provisions.

Statutes affected:
As Introduced: 319.302, 323.152, 4503.06