Property tax administration fund

# (A)

For fiscal year 2020 and thereafter, an amount not to exceed twenty-five hundredths of one per cent of the total amount by which taxes charged against real property on the general tax list of real and public utility property were reduced under section 319.302 of the Revised Code for the preceding tax year;

# (B)

For fiscal year 2020 and thereafter, an amount not to exceed forty-five hundredths of one per cent of the total amount of taxes charged and payable against public utility personal property on the general tax list of real and public utility property for the preceding tax year and of the total amount of taxes charged and payable against tangible personal property on the general tax list of personal property of the preceding tax year and for which returns were filed with the tax commissioner under section 5711.13 of the Revised Code.

In computing the amounts described in divisions (A) and (B) of this section, the commissioner shall base the actual percentages charged in any fiscal year on the estimated costs incurred by the department of taxation in administering the taxation of property and the equalization of real property valuation for that fiscal year.

After receiving the tax commissioner's certification, the director of budget and management shall transfer from the general revenue fund to the property tax administration fund the amount certified or a lesser amount based on the availability of cash balances in the property tax administration fund to cover required expenditures.

On or before the thirtieth day of June of the fiscal year, the tax commissioner shall certify to the director of budget and management the sum of the amounts by which the amounts computed for a taxing district under this section exceeded the distributions to the taxing district under division (F) of section 321.24 of the Revised Code, and the director shall transfer that sum from the property tax administration fund to the general revenue fund.