OH HB598

Local governments (limited home rule townships, counties, and municipal corporations) may designate "residential stability zones" where eligible homeowners can receive a partial property tax exemption on increases in assessed value

Homeowner eligibility requires household income at or below 80% of area median income, minimum one year of homeownership/occupancy, and meeting asset ownership limitations established by the local government

Exemptions last six years for most homeowners, with option to reapply; homeowners age 60 or older at initial approval receive indefinite exemptions that continue until they no longer own and occupy the property

Residential stability zones may exist for up to 10 years and can be renewed; the exemption applies to the percentage of assessed value increases specified in the local resolution, excluding increases from new improvements

Making false statements to obtain an exemption constitutes a fourth-degree misdemeanor; homeowners found ineligible must repay exempted taxes plus interest