Thursday, December 14, 2006

REMINDER: New Ohio Law Requiring Registration by All Rental Property Owners

Just a quick reminder that a new law that went into effect Sept. 28, 2006, in Ohio requires all rental property owners to register their contact information with the County Auditor in which the property is located. It's passage was supported by the Ohio Association of REALTORS®, the Columbus Apartment Association (CAA), and the Ohio Apartment Association (OAA).
The main objective of the Ohio House Bill 294, titled "Expedited Tax Foreclosure of Abandoned Land," was to permit certain foreclosure cases to be filed with the county board of revision now, instead of going through the judicial process. It further authorized the county treasurer or a certificate holder to compile a list of abandoned parcels of land suitable for disposition under the act's expedited foreclosure procedures. Often this is a result of delinquent real estate taxes.

The rationale of the legislation is to speed up the foreclosure process of abandoned and blighted rental properties in Ohio's larger cities and counties. In addition, the bill establishes an appeal procedure for challenging determinations of eligibility for the 10% "rollback" exemption from real property taxes. Though all properties are recorded with the auditor's office, there was a perception that bad situations can be averted if the name of a contact person, rather than just the owner, is available, especially for cases where the property has been neglected or the owner has failed to pay taxes in a timely manner.

For a copy of the proper form, contact your Ohio County Auditor. Here is a link to the overview letter sent by the Franklin County, Ohio Auditor's Office. The form is identical for all of Ohio's 88 counties. Go to: http://209.190.122.34/proprent/

No comments: