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OH SB109
Bill
Status
4/14/2009
Primary Sponsor
Bob Gibbs
Click for details
AI Summary
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Enacts section 5709.29 of the Revised Code to create a tax exemption for single-family residential property owned by developers or builders.
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Defines "qualified residential property" as tracts or parcels of land where one or more single-family dwellings are intended to be built, being built, or have been built, consistent with zoning regulations.
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Exempts the increase in assessed value of qualified residential property from taxation starting the year after a developer acquires possession or title and ending the year the developer transfers possession or title to another party through sale, lease, or land installment contract.
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Exemption begins no earlier than the year after enactment and applies only to the increase in assessed value from the year of enactment forward.
Legislative Description
To exempt from real property taxation the value of single-family residential property owned by a developer or builder until the developer or builder transfers possession or title.
Real property developer-property exempt from tax until title/possession transferred
Last Action
To Ways & Means & Economic Development
4/14/2009