OH HB149

Enacts the "Affordable Homebuilding and Housing Act" by creating section 5709.51 of the Revised Code to provide temporary property tax exemptions for subdivided residential land.

Exempts any increase in taxable value above the "unexempted value" of pre-residential development property owned by qualifying owners for seven tax years beginning when a subdivision plat is presented to the county auditor.

Exemption terminates early if residential building construction commences on the property or if the qualifying owner transfers title to another person for consideration.

Construction of streets, sidewalks, utilities, or similar infrastructure does not trigger the end of the exemption period or count as commencement of residential building construction.

Tax commissioner must certify that parcels satisfy pre-residential development property requirements before approving exemption applications, and parcels remain subject to standard constitutional valuation methods.