OH SB275

Eligible homeowners who are permanently and totally disabled OR have total income at or below 250% of the federal poverty level may defer a portion of their property taxes on homesteads and manufactured/mobile homes

Deferral amount equals taxes exceeding 1-5% of total income, depending on income level: 1% for income at or below poverty level, 3% for income up to 160% of poverty level, and 5% for income up to 250% of poverty level

Deferred taxes become due upon death of the homeowner (unless transferred to qualifying spouse/heir), sale or conveyance of the property, the homeowner no longer occupying the property as a homestead, or income exceeding 250% of federal poverty level

Creates a Property Tax Deferral Revolving Fund in the state treasury to reimburse counties for deferred taxes, with the general revenue fund covering any shortfalls

Property conveyance statements must now include disclosure of whether taxes have been deferred under this program and remain unpaid at time of sale