us-oh/stat
Ohio Rev. Code § 5709.71
Exemption of port authority property leased to railroad - annual payments
# (A)
All real and tangible personal property owned by a port authority created prior to the effective date of this section pursuant to section 4582.22 of the Revised Code and leased or otherwise made available to a railroad company, as defined in section 5727.01 of the Revised Code, for use in its railroad operations shall be exempt from taxation for ten years beginning with the first year in which the property is so leased or otherwise made available.
# (B)
The port authority shall make annual payments in lieu of taxes for all property that is exempt from taxation under division (A) of this section. The payments shall be charged and collected in the same manner as the taxes that would have been charged against the property if it were not exempt from taxation under this section. The sum of the payments for each year shall equal one-tenth of the amount of taxes that would have been charged and payable against the property for the year the payments are due had this section not been in effect multiplied by the number of years for which the property has been exempt from taxation under division (A) of this section. Moneys collected as payments in lieu of taxes shall be distributed at the same time and in the same manner as real and public utility property tax payments in proportion to the taxes levied by the taxing districts within which such payments are made is located.
# (C)
The exemption provided under division (A) of this section and liability for payments under division (B) of this section shall first apply to property owned and leased by a port authority in tax year 1983.
Source: view the official text
In this chapter (40 sections)
- 5709.46 · Annual service payments in lieu of taxes
- 5709.47 · Municipal downtown redevelopment district fund
- 5709.48 · Transportation financing districts; creation
- 5709.49 · Service payments
- 5709.50 · Regional transportation improvement project fund
- 5709.51 · Extension of exemption from taxation of improvements
- 5709.52 · Exemption from taxation for increase in value for newly…
- 5709.53 · Exemption of solar, wind or hydrothermal energy system and of…
- 5709.55 · Grape products - personal property exemption
- 5709.56 · Residential development land exemption
- 5709.57 · Agreements with qualifying athletic complexes
- 5709.61 · Enterprise zone definitions
- 5709.62 · Designation of enterprise zones by municipal corporations
- 5709.63 · Designation of enterprise zones by counties
- 5709.64 · Applying for tax incentive qualification certificate
- 5709.65 · Entitlement to tax incentives
- 5709.66 · Applying for employee tax credit certificate
- 5709.67 · Duties of director of development and tax commissioner
- 5709.68 · Report on all agreements in effect
- 5709.69 · Notice of intent to relocate
- 5709.71 · Exemption of port authority property leased to railroad -…
- 5709.72 · Exemption for library technology development
- 5709.73 · Exemption for increase in property value due to public…
- 5709.74 · Annual service payments in lieu of taxes
- 5709.75 · Township public improvement tax increment equivalent fund
- 5709.76 · Exempting public obligations and purchase obligations
- 5709.77 · County public infrastructure improvement definitions
- 5709.78 · Exemption for increase in property value due to county public…
- 5709.79 · Annual service payments in lieu of taxes
- 5709.80 · Redevelopment tax equivalent fund
- 5709.081 · Exempting public recreational facility used for athletic…
- 5709.81 · County bonds or notes to finance public infrastructure…
- 5709.082 · Distribution of municipal income tax revenues from new…
- 5709.82 · Compensating school district for revenues lost due to tax…
- 5709.083 · Exemption for eligible county projects
- 5709.83 · Notifying school district of proposed tax exemption
- 5709.084 · Exemption of convention centers
- 5709.84 · Exemption for local railroad operation
- 5709.85 · Tax incentive review council
- 5709.86 · Exemption for abandoned school property