To enact section 5709.29 of the Revised Code to exempt from real property taxation the value of single-family residential property owned by a developer or builder until the developer or builder transfers possession or title.

Section 1.  That section 5709.29 of the Revised Code be enacted to read as follows:

Sec. 5709.29. (A) As used in this section:

(1) "Qualified residential property" means a tract, lot, or parcel of land upon which one or more one-family dwellings, as classified in the county auditor's real property record, are intended to be built, are being built, or have been built, consistent with applicable zoning regulations, including wholly or partly constructed dwellings and appurtenant improvements to the land.

(2) "Developer" means any person that, in the ordinary course of business, owns and makes improvements to land, including a person that constructs or installs buildings or other improvements, for the purpose of resale with a view to profit or gain.

(B) The increase in the assessed value of qualified residential property is exempted from taxation commencing with the first tax year following the tax year in which a developer acquires possession of or title to the property from another person, including another developer, and ending with the tax year in which the developer transfers possession of or title to the property to another developer or person through sale, lease, or land installment contract.

Section 2. Notwithstanding section 5709.29 of the Revised Code, as enacted by this act, no exemption for qualified residential property may commence before the year after the year in which the enactment takes effect, and the exemption shall be for the increase in assessed value of such property from the year in which the enactment takes effect.