OH HB371

Enacts Section 5709.51 of Ohio Revised Code to exempt increased property tax value on subdivided land intended for residential development for eight years or until construction begins or the land is sold.

Exemption applies to the value increase above the "unexempted value" calculated using the original property's pre-subdivision nonagricultural taxable value.

Exemption period begins when a subdivision plat is presented to the county auditor and continues for seven subsequent tax years, but terminates if residential building construction commences or the property is sold for consideration.

Construction of streets, sidewalks, utility infrastructure, and other pre-development work does not count as commencement of residential building construction for purposes of ending the exemption.

Tax commissioner must verify that exemption applicants certify their parcel qualifies as "pre-residential development property" with planned but not yet commenced residential building construction.