The Calculated Adjustments for Property Surges (CAPS) Act proposes amendments to the Revised Code to provide temporary tax exemptions for property owners in counties experiencing significant value increases due to reappraisals. It introduces a new section, 319.305, which defines "qualifying counties" and "eligible properties," allowing county boards of commissioners to authorize tax reductions of two-thirds for the current tax year and one-third for the following year. The bill also amends sections 323.152, 323.155, and 4503.06 to incorporate these new tax reduction provisions, requiring the county treasurer to label the reduction on tax bills as the "Temporary Property Valuation Phase-In Credit." Importantly, the reductions will not apply to special assessments and will not affect the total taxable value of properties.

In addition to property tax adjustments, the bill outlines the taxation process for manufactured and mobile homes, establishing an annual tax based on the home's value and detailing the responsibilities of the county auditor and treasurer in assessing and collecting these taxes. It introduces a new provision regarding the effective tax rate, referencing section 319.305, which may influence tax calculations for homes acquired after January 1, 2000. The bill mandates the creation of a "delinquent manufactured home tax list" by the county auditor, allowing for civil action to collect unpaid taxes after sixty days. Furthermore, it includes provisions for the appraisal of manufactured homes and the process for addressing appraisal complaints, while repealing outdated sections of the Revised Code. Overall, the CAPS Act aims to streamline tax management for manufactured homes and provide financial relief to property owners facing rising property values.

Statutes affected:
As Introduced: 323.152, 323.155, 4503.06