To exempt 10% of a homestead's value for tax year 2009.

Section 1. To provide a partial exemption, for tax year 2009, real property taxes on a homestead to which division (B) of section 323.152 of the Revised Code applies shall be reduced by the product of the following:

(1) Ten per cent of the true value of the property in money;

(2) The assessment percentage established by the tax commissioner under division (B) of section 5715.01 of the Revised Code, not to exceed thirty-five per cent;

(3) The effective tax rate used to calculate the taxes charged against the property for the current year, where "effective tax rate" is defined as in section 323.08 of the Revised Code;

(4) The quantity equal to one minus the sum of the percentage reductions in taxes received by the property for tax year 2009 under section 319.302 of the Revised Code and division (B) of section 323.152 of the Revised Code.

For purposes of the certification and payment provided under section 323.156 of the Revised Code, the reduction provided by this section shall be considered a reduction provided under division (B) of section 323.152 of the Revised Code.