The bill amends sections 319.302, 323.152, and 4503.06 of the Revised Code to revise the computation of property tax rollbacks for owner-occupancy and nonbusiness properties. Key changes include redefining qualifying properties for partial exemption from real property taxation to include those primarily intended for farming, which encompasses leasing land for farming and holding vacant land designated for farming use. The bill also modifies the tax reduction calculations for homesteads owned by certain individuals, such as disabled veterans and surviving spouses, by introducing a new formula that combines a base amount with a percentage of taxes levied by qualifying levies, aiming for a more equitable tax reduction system.

Additionally, the bill addresses the taxation of manufactured and mobile homes, establishing a new assessment and collection process. It introduces a tax reduction schedule based on the number of years a home is owned, with reductions decreasing from 95% in the first year to 50% in the tenth year and beyond. The assessable value of these homes is set at 35% of their true value, and the county auditor is tasked with conducting appraisals every six years. The bill also includes provisions for electronic delivery of tax bills, handling uncollectible taxes, and clarifying definitions related to manufactured home taxes. Key deletions from current law streamline the tax calculation process, ensuring the amendments apply to tax years beginning on or after the bill's effective date.

Statutes affected:
As Introduced: 319.302, 323.152, 4503.06