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| To enact section 5713.40 of the Revised Code to | 1 |
| partially exempt conservation easement property | 2 |
| from taxation. | 3 |
| Section 1. That section 5713.40 of the Revised Code be | 4 |
| enacted to read as follows: | 5 |
| Sec. 5713.40. (A) As used in this section, "conservation | 6 |
| easement" or "agricultural easement" means a conservation easement | 7 |
| or agricultural easement as defined in section 5301.67 of the | 8 |
| Revised Code that is perpetual in duration and the instrument for | 9 |
| which is executed and recorded as other instruments conveying real | 10 |
| property interests. | 11 |
| (B) One-half of the taxable value of any tract, lot, or | 12 |
| parcel of real property, or any portion thereof, that is subject | 13 |
| to a conservation easement or agricultural easement shall be | 14 |
| exempt from property taxation if the property is not valued in the | 15 |
| current tax year at its current agricultural use value under | 16 |
| section 5713.31 of the Revised Code. | 17 |
| At any time after the first Monday of January and before the | 18 |
| first Monday of March in any tax year, the owner of land subject | 19 |
| to a conservation or agricultural easement may file an application | 20 |
| with the county auditor requesting that the land be partially | 21 |
| exempted from taxation as provided in this section. The county | 22 |
| auditor shall verify the existence and extent of the easement by | 23 |
| examining the recorded instrument and, if so verified, shall grant | 24 |
| the partial exemption to the whole or any part of such land that | 25 |
| is subject to the easement. | 26 |
| In determining the extent of land to be partially exempted | 27 |
| under this section, the county auditor may exclude any portion of | 28 |
| the land on which a homestead is situated or on which homesteads | 29 |
| are planned to be situated. The excluded portion for each | 30 |
| homestead shall be not less than the minimum agricultural | 31 |
| homestead area prescribed by any applicable zoning regulations or | 32 |
| one acre, whichever is greater. | 33 |
| Land partially exempted under this section may not be valued | 34 |
| at its current agricultural use value, and its taxable value shall | 35 |
| not be diminished to account for the existence of a conservation | 36 |
| easement as provided under section 5713.04 of the Revised Code. | 37 |
| Land subject to a conservation easement that is not partially | 38 |
| exempted under this section or valued at its current agricultural | 39 |
| use shall be valued for taxation by taking into account the | 40 |
| diminution in value as a result of the existence of the easement | 41 |
| as provided under section 5713.04 of the Revised Code. | 42 |
| Land partially exempted under this section shall continue to | 43 |
| be partially exempted for the tax year in which the exemption is | 44 |
| originally approved and all ensuing tax years, except as provided | 45 |
| in division (C) of this section. | 46 |
| (C) Land subject to a conservation or agricultural easement | 47 |
| shall not be partially exempted from taxation under this section | 48 |
| if the terms of the easement are violated or the use of the land | 49 |
| is otherwise not in compliance with those terms. | 50 |