Regards school district property taxes, school funding formula

New section 319.302 creates a partial exemption from real property taxation: 10% reduction for property used primarily for farming activity, and a phased residential reduction (7.5% year one, 10% year two, 12.5% year three, then zero) for single-family, two-family, or three-family dwellings. County auditors must review each parcel annually to determine eligibility.

New section 5715.16 codifies the county board of revision process, requiring the county auditor to lay before the board and tax commissioner the returns of the auditor's assessment on the second Monday of June annually, and prohibiting the auditor from making up the tax list until the board completes its work.

Section 323.158 was modified to allow a board of county commissioners to not only repeal but also modify the authorization for a partial exemption, giving local governments more flexibility in adjusting their voluntary tax reductions.

The homestead and manufactured home tax reduction in section 319.303 was increased from a flat 2.5% to a phased schedule: 5.70% for the first year, 8.92% for the second, 12.15% for the third, and 15.38% for the fourth year and every year thereafter.

New section 5715.19 overhauls the property tax complaint process. It restricts legislative authorities, mayors, and third-party complainants from filing complaints on property they do not own or lease unless a resolution is adopted at a public meeting, written notice is sent to the record owner at least seven days before adoption, and the complaint seeks an increase in valuation based on a recent arm's-length sale exceeding true value by both 10% and a filing threshold (starting at $500,000, adjusted annually by GDP deflator).

Section 5715.19(I) prohibits legislative authorities or persons acting on their behalf from entering into private payment agreements with property owners in exchange for refraining from filing, dismissing, or settling a tax complaint. Any such agreement is void and unenforceable.

Section 5715.19(A)(2) limits the ability to refile complaints on the same parcel within an interim period (the cycle between state reassessments). A new complaint is only allowed if there was a qualifying change: an arm's-length sale, casualty loss, substantial improvement, or at least a 15% change in occupancy with substantial economic impact.

A new effective date provision (Section 3(B)) specifies that section 319.302 and related amendments apply to tax year 2026 for real property and tax year 2027 for manufactured and mobile homes, one year later than the existing homestead reduction provisions.

Header reformatted: removed the full list of Representative and Senator cosponsors, replaced with a simplified format showing only the General Assembly number and bill number.

Added standard enrollment block at the end of the bill including signature lines for the Speaker, President, Governor, Director of Legislative Service Commission, and Secretary of State, along with file number and effective date fields.

Minor capitalization change from 'BE IT ENACTED' to 'Be it enacted' and various line-break adjustments throughout the text.