OH SJR3

Proposes amending Section 2a and enacting Section 2b of Article XII of the Ohio Constitution to limit annual increases in taxable property values to 2 percent per year.

Submitted to voters at the November 3, 2009 general election, requiring approval by a majority of voters.

Exempts newly acquired property and newly constructed improvements from the 2 percent cap in their first year of taxation, setting their taxable value as a uniform percentage of true value.

Exempts property after a full transfer of ownership in fee simple from the 2 percent cap in the first year following transfer, with subsequent years subject to the 2 percent annual increase limit.

Takes effect immediately upon voter approval and repeals existing Section 2a of Article XII of the Ohio Constitution.