Bill > HB504

This bill establishes the Calculated Adjustments for Property Surges (CAPS) Act, which authorizes counties to temporarily reduce property taxes for eligible properties that experience significant valuation increases during a reappraisal or triennial update. Specifically, if a county's taxable property values increase by 15% or more from one tax year to the next, the county board of commissioners can adopt a resolution to phase in the tax increase over two years. Under this resolution, two-thirds of the tax increase would be reduced in the first year and one-third would be reduced in the second year, effectively softening the financial impact on property owners who might otherwise face a sudden, substantial tax hike. The bill requires county treasurers to identify this reduction on tax bills as the "Temporary Property Valuation Phase-In Credit" and applies to both real property and qualifying manufactured homes. The goal is to provide property owners with some financial relief during periods of rapid property value appreciation, helping to make sudden tax increases more manageable.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb504