Bill > HB483

This bill establishes a partial property tax deferral program for eligible homeowners in Ohio. The program allows homeowners with qualifying homesteads (primary residences with a true value of up to $750,000) to defer a portion of their property taxes if their total income falls below specified thresholds. For the first tax year, homeowners can defer taxes that exceed 120% of the previous year's taxes, and in the following two years, they can defer half of that amount. The deferred taxes will accrue interest at 3% annually, and the total deferred taxes plus interest cannot exceed 10% of the property's true value. Homeowners can voluntarily make partial payments on the deferred taxes at any time. The deferred taxes become fully payable upon the homeowner's death (unless the property is transferred to a surviving spouse) or when the property is sold. A new Property Tax Deferral Revolving Fund will be created to manage the financial aspects of this program, with the state providing backup funding if needed. The program is initially available for tax years 2026 (for real property) and 2027 (for manufactured or mobile homes), with income thresholds starting at $600,000 for joint filers and $250,000 for individual filers, and adjusted annually by 3%.