Ohio HB540 requires nonprofit conservation organizations to pay a fee in lieu of taxes on qualifying real property.

Ohio HB540 mandates that nonprofit conservation organizations pay a fee to county treasurers in lieu of taxes on qualifying real property. This fee is set at 2.5% of the unimproved taxable value of the property, due annually by June. The fee is distributed among local taxing units based on the amount of taxes that would have been collected if the property were taxable. The bill defines "qualifying real property" as land owned by or having an interest held by a tax-exempt nonprofit conservation organization, used exclusively for charitable purposes.

Ohio HB540 requires nonprofit conservation organizations to pay a fee in lieu of taxes on qualifying real property.

Ohio HB540 mandates that nonprofit conservation organizations pay a fee to county treasurers in lieu of taxes on qualifying real property. This fee is set at 2.5% of the unimproved taxable value of the property, due annually by June. The fee is distributed among local taxing units based on the amount of taxes that would have been collected if the property were taxable. The bill defines "qualifying real property" as land owned by or having an interest held by a tax-exempt nonprofit conservation organization, used exclusively for charitable purposes.