OH HB452

Amends section 5709.73 of the Revised Code to clarify taxation exemption rules for townships regarding property improvements under tax increment financing (TIF) resolutions.

Adds new division (L) specifying that for residential property improvements undertaken on or after February 1, 2012, "property used or to be used for residential purposes" means only property classified as residential land and improvements by the tax commissioner under section 5713.041 of the Revised Code.

Applies this definition to exemptions sought under resolutions adopted before December 14, 2001, allowing townships to exempt improvements on properties with at least four residential units.

Maintains existing provisions regarding exemption percentages (up to 75% without school board approval, up to 100% with approval), exemption periods (up to 10 years without approval, up to 30 years with approval), and notification requirements for school districts and county commissioners.

Preserves all other existing TIF provisions including public infrastructure improvement designations, service payment requirements, compensation agreements with school districts and counties, and reporting requirements to the director of development.