COLUMBUS - 

The Ohio House of Representatives recently passed Senate Bill 235 by a vote of 81-9. Senate Bill 235 promotes development by exempting property tax growth on properties intended for commercial or industrial usage. The bill was considered in House Finance Committee where the bill was modified. 


“The current tax scheme does not incentivize entrepreneurs to take risks on underdeveloped properties due to the prospect of significantly larger tax bills with no additional revenue,” said House Finance Committee Chairman Ryan Smith (R-Bidwell). “Our goal with this bill is to limit barriers to private development.”


Local governments must approve the property tax exemption on the increase in value prior to the land being developed. Once there is occupancy or commercial or industrial activity, the exemption ceases and the property taxes due are at the reassessed value. If a developer does not meet the terms of the exemption there are recoupment provisions that can be initiated by the local jurisdiction.


“Site development is a major factor in lowering the cost of doing business. This economic development tool will help Ohio expand its portfolio of commercial and industrial properties, which will create jobs,” said Smith. “This new tool will be particularly helpful to rural areas that often lack the infrastructure needed to attract job creators.”


The Ohio Senate concurred with the changes made by the House and now the bill is headed to Governor Kasich’s desk for consideration.  

 
 
 
  
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