To enact section 5709.30 of the Revised Code to exempt from real property taxation home improvements greater than $5,000 for five years.

Section 1. That section 5709.30 of the Revised Code be enacted to read as follows:

Sec. 5709.30.  An increase in the assessed value of a single-family, two-family, or three-family dwelling greater than five thousand dollars, caused by an improvement, that would otherwise first appear on the tax list of real and public utility property after the effective date of this section as enacted by ......... of the 128th general assembly is exempt from taxation for the first tax year for which it would appear on the tax list and for the four ensuing tax years.