Bill > SB208

This bill amends Ohio's Revised Code to modify how county real estate and manufactured home conveyance fees are allocated. Currently, counties can levy a transfer tax on property and manufactured home sales, with funds traditionally split between administrative costs and the county's general fund. The new legislation requires that any increase in these transfer taxes must now be specifically allocated to county-specific housing initiatives. The bill mandates that after covering administrative expenses, the remaining funds will be deposited into a new "county housing fund" to be used exclusively for four specific housing purposes: low-income housing, first-time home buyer assistance, disability housing, and transition housing. The tax rates remain unchanged, but the allocation of additional revenue is now strictly directed toward addressing housing needs. Counties must follow specific procedural requirements when implementing these changes, including holding public hearings and potentially allowing for voter referendum. The bill aims to ensure that growing real estate transfer tax revenues are directly reinvested into local housing support programs, potentially helping to address housing affordability and accessibility challenges in Ohio counties.

Government Affairs

https://www.legislature.ohio.gov/legislation/136/sb208