Ohio HB504 establishes the Calculated Adjustments for Property Surges (CAPS) Act, adjusting property tax rates based on property value increases.
Ohio HB504, known as the Calculated Adjustments for Property Surges (CAPS) Act, modifies property tax rates for real and manufactured homes in Ohio. It allows counties to temporarily exempt a portion of a property's increased value from taxation following a reappraisal. The act defines "eligible property" as real property and qualifying manufactured homes subject to taxation for both the tax year of the reappraisal and the following tax year.
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