The bill amends the Revised Code to allow eligible homeowners to defer a portion of their property taxes, introducing new sections 323.21 and 323.22 that outline the deferral process. It defines "eligible homeowners" as individuals who are permanently and totally disabled or have a total income not exceeding 250% of the federal poverty level, and who have owned and occupied their homestead for at least one year. The bill also modifies existing sections, including 319.202, 319.302, 323.155, and 323.158, to require grantees to provide information on tax reductions and the status of any deferred taxes during property transactions, ensuring transparency and compliance.

Additionally, the legislation establishes a property tax deferral revolving fund to manage deferred taxes and allows homeowners to enter into payment plans for these amounts. It mandates that county treasurers certify the total amount of deferred taxes for manufactured homes and ensures that any partial real property tax exemption granted by county commissioners is matched by a corresponding manufactured home tax exemption. The bill also requires owners of residential rental properties to maintain updated information with the county auditor and repeals several existing sections to streamline the legal framework surrounding property tax exemptions and deferrals. The amendments will take effect for tax years ending or beginning on or after the bill's effective date.

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