The bill amends the Revised Code to introduce a property tax deferral program for eligible homeowners, establishing new sections 323.21 and 323.22 that outline the criteria and process for deferring property tax payments. Eligible homeowners are defined as individuals who own and occupy a homestead or reside in a housing cooperative, are permanently disabled or have a total income not exceeding 250% of the federal poverty level, have owned and occupied the homestead for at least one year, and do not owe delinquent taxes unless under a valid tax contract. The bill also clarifies definitions related to homesteads and income, and it mandates that county auditors provide information on tax deferrals during property transactions, ensuring transparency regarding deferred taxes and eligibility for tax reductions.

Additionally, the bill includes provisions for manufactured homes and residential rental properties, requiring county treasurers to certify deferred taxes on manufactured homes and ensuring that any partial tax exemptions granted for real property are mirrored for manufactured homes. It establishes a property tax deferral revolving fund to manage deferred taxes and outlines the responsibilities of property owners and county auditors in maintaining updated information and notifying applicants about their deferral status. The legislation aims to provide financial relief to homeowners while streamlining the legal framework surrounding property tax exemptions and deferrals, with amendments applicable to tax years ending on or after the effective date.

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