S.B. No. 140 Summary

• Allows property to remain on the exempt property list when conveyed to or from a single member limited liability company with a nonprofit purpose, preventing loss of exemption status based solely on that type of transfer.

• Establishes that once a community school receives a tax commissioner exemption approval under section 5709.07, the property remains exempt for all succeeding tax years without requiring annual reapplication.

• Requires community schools to submit annual statements by December 31st attesting that exempt property continues to qualify for exemption, with failure to file or loss of qualification triggering return of property to the tax list.

• Applies the amendments to tax year 2022 and all subsequent tax years.