OH HB483

Eligible homeowners with income below $600,000 (joint filers) or $250,000 (others) may defer a portion of property taxes on qualifying homesteads valued at $750,000 or less, with income thresholds increasing 3% annually

Deferral amount equals the tax increase exceeding 120% of the prior year's taxes in the first year, then half that amount for the following two years, with total deferred taxes capped at 10% of the home's true value

Interest accrues on deferred taxes at 3% annually, and deferred amounts become due upon the homeowner's death (unless transferred to surviving spouse) or sale of the property

Creates the Property Tax Deferral Revolving Fund in the state treasury to reimburse counties for deferred taxes, with the state's general revenue fund providing backup funding if needed

Applications must be filed during county reappraisal years through December 31, 2033, effective for tax year 2026 for real property or tax year 2027 for manufactured/mobile homes