OH SB2

Amends section 3735.66 to allow municipal corporations and counties to designate community reinvestment areas where residential construction and remodeling can receive property tax exemptions up to 100 percent, with exemptions specified in adopted resolutions.

Enacts new section 5709.58 authorizing municipalities and townships to designate neighborhood development areas (up to 300 acres) where residential developers can receive property tax exemptions of up to 75 percent of assessed valuation for up to 10 years to encourage affordable housing, workforce housing, or housing addressing shortages.

Exemptions under section 5709.58 apply to new residential structures before occupancy and to owner-occupied homes for 10 tax years following first occupancy, plus exemptions for remodeling costs exceeding $5,000.

Requires municipalities and townships to conduct public hearings on three separate days before designating neighborhood development areas and to negotiate with affected school district boards of education regarding exemption percentages exceeding 75 percent.

Amends section 5713.08 to add property subject to neighborhood development area exemptions to the list of properties that may be exempted from taxation without requiring tax commissioner consent.