Legislation creating a new opt-out procedure for tax increment financing (TIF) incentive districts passed the Ohio House of Representatives on May 25, 2016. House Bill 12 would apply to any incentive-district TIF created by a county, municipality, or township. In creating such a TIF, the applicable jurisdiction would be required to identify an “overlay” district surrounding the TIF, including up to 300 acres in the shape of a square or rectangle, with no side of the overlay exceeding twice the length of its shortest side. The owner of any property not located entirely within the overlay would have the right to exclude the property from the TIF through a new written opt-out procedure. The text of the bill is available online at: https://www.legislature.ohio.gov/legislation/legislation-documents?id=GA131-HB-12. For more information, stay tuned to DevelopOhio.
Ohio House passes bill creating option to exclude property from TIF incentive districts
