OH HB407

Enacts section 5709.29 of the Revised Code to establish a real property tax exemption for single-family residential property owned by developers or builders

Defines "qualified residential property" as land upon which one or more one-family dwellings are intended to be built, being built, or have been built, consistent with applicable zoning regulations

Exempts the increase in assessed value of qualified residential property from taxation from the first tax year after a developer acquires possession or title until the tax year the developer transfers possession or title to another person through sale, lease, or land installment contract

Defines "developer" as any person that owns and makes improvements to land, including constructing or installing buildings or improvements, for the purpose of resale with a view to profit or gain

Exemption cannot commence before the year after enactment and applies only to increases in assessed value from the year of enactment forward