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| To enact section 5709.29 of the Revised Code to | 1 |
| exempt from real property taxation the value of | 2 |
| single-family residential property owned by a | 3 |
| developer or builder until the developer or | 4 |
| builder transfers possession or title. | 5 |
| Section 1. That section 5709.29 of the Revised Code be | 6 |
| enacted to read as follows: | 7 |
| Sec. 5709.29. (A) As used in this section: | 8 |
| (1) "Qualified residential property" means a tract, lot, or | 9 |
| parcel of land upon which one or more one-family dwellings, as | 10 |
| classified in the county auditor's real property record, are | 11 |
| intended to be built, are being built, or have been built, | 12 |
| consistent with applicable zoning regulations, including the | 13 |
| wholly or partly constructed dwellings and appurtenant | 14 |
| improvements to the land. | 15 |
| (2) "Developer" means any person that, in the ordinary course | 16 |
| of business, owns and makes improvements to land, including a | 17 |
| person that constructs or installs buildings or other | 18 |
| improvements, for the purpose of resale with a view to profit or | 19 |
| gain. | 20 |
| (B) The increase in the assessed value of qualified | 21 |
| residential property is exempted from taxation commencing with the | 22 |
| first tax year following the tax year in which a developer | 23 |
| acquires possession of or title to the property from another | 24 |
| person, including another developer, and ending with the tax year | 25 |
| in which the developer transfers possession of or title to the | 26 |
| property to another developer or person through sale, lease, or | 27 |
| land installment contract. | 28 |
| Section 2. Notwithstanding section 5709.29 of the Revised | 29 |
| Code, as enacted by this act, no exemption for qualified | 30 |
| residential property may commence before the year after the year | 31 |
| in which the enactment takes effect, and the exemption shall be | 32 |
| for the increase in assessed value of such property from the year | 33 |
| in which the enactment takes effect. | 34 |