The proposed "Calculated Adjustments for Property Surges (CAPS) Act" seeks to amend 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 based on the increased taxable value. The bill also amends sections 323.152, 323.155, and 4503.06 to incorporate these new tax reduction provisions, ensuring that the tax bill reflects the net amount due after reductions and clarifying that these reductions will not count as income for eligibility in other programs.

In addition to the CAPS Act, the bill addresses the taxation of manufactured and mobile homes, establishing an annual tax to support local revenue funds. It outlines the assessment process based on the home's value and the applicable tax rate, while also introducing provisions for homes acquired after January 1, 2000. The bill mandates the county auditor to maintain a "delinquent manufactured home tax list" for properties with unpaid taxes, allowing the county treasurer to initiate civil action for collection if taxes remain unpaid for sixty days. Furthermore, it streamlines the legal framework by repealing existing sections related to manufactured home taxes and clarifying the appraisal and notification processes for homeowners.

Statutes affected:
As Introduced: 323.152, 323.155, 4503.06