The bill, introduced by Representative Thomas, seeks to amend various sections of the Revised Code concerning county budget commissions, property taxation, and the distribution of local government funds. Key amendments include the introduction of new sections that define "qualifying nonbusiness property" and "qualifying business property," establishing criteria for tax adjustments based on property classification and school district tax status. The bill also modifies existing language to clarify definitions related to tax rates and allows for adjustments in tax calculations based on property valuation changes. Notably, it mandates that the tax commissioner consider changes in taxable value resulting from property assessment complaints, ensuring tax determinations reflect current valuations.

Additionally, the bill introduces provisions for tax reductions on qualifying properties during reappraisals or triennial updates, allows county commissioners to authorize tax reductions for homesteads with specific income thresholds, and outlines the process for managing payments from railroad companies in bankruptcy. It also addresses the distribution of funds to school districts based on enrollment figures, modifies tax structures for manufactured homes, and establishes guidelines for tax levies by school districts. Overall, the bill aims to enhance fiscal management, streamline tax processes, and ensure transparency and accountability in the budgeting and taxation systems at the county and school district levels.

Statutes affected:
As Introduced: 319.301, 323.08, 323.152, 323.155, 323.158, 323.32, 3317.01, 4503.06, 4503.065, 4503.0610, 5705.01, 5705.03, 5705.13, 5705.192, 5705.194, 5705.197, 5705.199, 5705.27, 5705.28, 5705.29, 5705.31, 5705.314, 5705.32, 5705.321, 5705.35, 5705.36, 5705.37, 5705.391, 5709.92, 5739.026, 5747.51, 5747.53, 5748.09