Tuesday, July 2, 2013

REAL ESTATE TAXES


SECTION 803.170. The amendment by this act of section 5709.17 of the Revised Code applies to tax year 2013 and every tax year thereafter.

Sec, 5709.17. The following property shall be exempted from taxation:

(B) Real estate and tangible personal property held or occupied by a veterans' organization that qualifies for exemption from taxation under section 501(c)(19) or 501(c)(23) of the "Internal Revenue Code of 1986" 100 stat. 2085, 26 U.S.C.A. 1, as amended and is incorporated under laws of this state of the United States, except real estate held by such an organization for the production of rental income in excess of thirty-six thousand dollars in a tax year, before accounting for any cost or expense incurred in the production of such income. For the purposes of this division, rental income includes only income arising directly from renting the real estate to others for consideration.

NOTE: Above is the information about the change in the law concerning property tax for Veterans organizations. If you owe taxes prior to 2013 they will still be due. 2013 and future taxes will be exempt. Any questions call 614-222-1611