HB 263 Summary

• Authorizes a property tax freeze for owner-occupied homes in Ohio where the owner is 70 years or older, has continuously owned and occupied the home for 10+ years, has total income not exceeding $70,000 (adjusted annually), and the home's value is less than $1 million.

• The tax reduction equals the amount by which current year taxes exceed prior year taxes, effectively freezing the homeowner's tax liability at the previous year's level.

• Applies to both real property and manufactured/mobile homes, with similar income thresholds and ownership requirements.

• Requires applicants to file applications with county auditors and submit annual updates to maintain eligibility; includes provisions for penalties and fraud enforcement.

• Establishes procedures for county auditors and treasurers to process applications, distribute tax relief funds to taxing districts, and handle late applications with overpayment refunds.