The bill amends the Revised Code to establish a property tax deferral program for eligible homeowners, introducing new sections 323.21 and 323.22 that outline the criteria and procedures for deferring property tax payments. An "eligible homeowner" is defined as an individual who owns and occupies a qualifying homestead with a total income not exceeding a specified threshold, and the bill sets a maximum true value for qualifying homesteads at $750,000. Homeowners can apply for tax deferral through their county auditor, with the deferral applicable for the current tax year and the following two years for real property, or three years for manufactured homes. The county auditor will determine the amount to be deferred and notify applicants of their status.

Additionally, the bill creates a property tax deferral revolving fund to manage deferred taxes and accrued interest, specifying that deferred taxes will become payable upon certain events, such as the homeowner's death or property sale. It also includes provisions for voluntary payments on deferred taxes and amends existing laws regarding manufactured home tax exemptions to align with the new program. The bill mandates compliance with information filing requirements for owners of residential real property in larger municipalities and repeals several existing sections of the Revised Code. The amendments will take effect for tax year 2026 for real property and tax year 2027 for manufactured homes, allowing time for property owners and their agents to adapt to the changes.

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