Bill > HB598

This bill authorizes local governments (counties, townships, and municipal corporations) to create residential stability zones where homeowners can qualify for a partial property tax exemption. Under this legislation, local governments can designate specific geographic areas where homeowners meeting certain income and asset criteria can receive a tax exemption on the increase in their property's assessed value. Key provisions include establishing income limits (typically 80% of the area median income), requiring at least one year of homeownership, and setting asset ownership limitations. The exemption can last up to six years for most homeowners, with indefinite exemption for homeowners aged 60 or older. Homeowners must apply through a designated housing officer and can be subject to penalties for providing false information. The bill allows for a gradual phase-out of the exemption if a homeowner becomes ineligible and provides mechanisms for surviving spouses to continue the exemption. Local governments have flexibility in designing their residential stability zones, including setting specific eligibility guidelines and determining the percentage of tax exemption. The goal is to promote residential stability by providing financial relief to homeowners meeting specific economic criteria.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb598