OH HB504

Counties where aggregate taxable property values increase by 15% or more following a reappraisal or triennial update may authorize temporary tax relief for eligible properties

Tax increase reductions would be phased in over two years: two-thirds of the increase reduced in the first year, one-third reduced in the second year

County commissioners must adopt a resolution by October 1 of the reappraisal year and certify it to the county auditor and tax commissioner within 30 days

The reduction applies to both real property and qualifying manufactured homes taxed under the property tax system, and would appear on tax bills as "Temporary Property Valuation Phase-In Credit"

Counties may also authorize an additional partial exemption of up to 2.5% on qualifying levies for homesteads and manufactured homes, on top of the existing 2.5% reduction