Ohio SB42 authorizes residential stability zones with property tax exemptions for homeowners.

Ohio SB42 allows local governments to create residential stability zones where homeowners may qualify for a partial property tax exemption. Homeowners must meet eligibility guidelines, including income and asset limitations. The exemption duration varies, with some zones offering indefinite exemptions while others provide a six-year term. Homeowners can reapply if the zone remains active. The bill outlines procedures for applying, appealing, and renewing exemptions, and it details the responsibilities of housing officers and county auditors in managing these zones.

Ohio SB42 authorizes residential stability zones with property tax exemptions for homeowners.

Ohio SB42 allows local governments to create residential stability zones where homeowners may qualify for a partial property tax exemption. Homeowners must meet eligibility guidelines, including income and asset limitations. The exemption duration varies, with some zones offering indefinite exemptions while others provide a six-year term. Homeowners can reapply if the zone remains active. The bill outlines procedures for applying, appealing, and renewing exemptions, and it details the responsibilities of housing officers and county auditors in managing these zones.