OH SB192

Creates new section 319.303 establishing property tax reduction or deferral programs for "longtime homesteads" (owner-occupied homes occupied for 10+ years) in designated "eligible areas" where housing values are appreciating substantially.

Authorizes county and municipal governing bodies to adopt resolutions that reduce taxes or allow deferral of "excess taxes" when current taxes exceed a threshold percentage (over 100%) of the original property value, with the percentage set locally by resolution.

Permits school district boards to opt out of the tax reduction or deferral by adopting a resolution, excluding school district taxes from the calculation.

Deferred excess taxes become payable upon sale of the homestead, change of primary residence, or owner's death, unless the surviving spouse continues to occupy and qualify for the deferral.

Applies to tax year 2021 and thereafter; amends existing sections 323.151, 323.152, and 323.155 governing homestead tax reductions for seniors and disabled persons.