The bill introduced by Representative Stephens aims to provide a mechanism for townships in Ohio to abate property taxes on certain properties acquired between January 1, 2009, and December 31, 2009. It defines "qualified property" as those that meet the criteria for tax exemption under existing laws and allows the owner of such property to file an application with the Tax Commissioner within twelve months of the bill's effective date. This application can request that the property be placed on the exempt list and that all unpaid taxes, penalties, and interest be abated, including those that may have accrued prior to the acquisition of the property.

The bill also outlines the necessary information that must be included in the application, such as the property's legal description, taxable value, and details regarding unpaid taxes. Upon receiving the application, the Tax Commissioner is tasked with determining whether the property qualifies for the exemption. If it does, the property will be placed on the exempt list, and the associated unpaid taxes will be abated. Conversely, if the property does not meet the qualifications, the Tax Commissioner will instruct the county treasurer to collect the owed taxes, penalties, and interest as required by law.