The bill amends the Revised Code to establish a property tax deferral program for eligible homeowners, defined as individuals who own and occupy a qualifying homestead with a total income below a specified threshold. New sections 323.21 and 323.22 outline the application process for deferring property taxes, with applications due by December 31, 2033. The county auditor will review applications and notify homeowners of their approval status within thirty days. The deferral allows homeowners to postpone tax payments, with specific calculations for the deferred amount based on current and previous years' taxes. Additionally, the bill creates a revolving fund for deferred taxes, which will facilitate payments to the county's income tax fund.

The bill also includes various amendments to existing sections, such as 319.202, 319.302, 323.155, and 323.158, to incorporate references to the new tax deferral option and clarify requirements for property conveyance statements. It mandates that these statements include affirmations regarding tax reduction eligibility and the status of any deferred taxes. Furthermore, the bill introduces new compliance requirements for owners of residential real property in larger municipalities and repeals several existing sections of the Revised Code. The changes will take effect for tax year 2026 for real property and for tax year 2027 for manufactured or mobile homes, allowing time for property owners and their agents to adjust to the new regulations.

Statutes affected:
As Introduced: 319.202, 319.302, 323.155, 323.158, 4503.0610, 5323.02