Fiscal Note & Local Impact Statement

125 th General Assembly of Ohio

Ohio Legislative Service Commission

77 South High Street, 9th Floor, Columbus, OH 43215-6136 Phone: (614) 466-3615

Internet Web Site: http://www.lsc.state.oh.us/

BILL:

Am. Sub. H.B. 135

DATE:

March 17, 2004

STATUS:

As Enacted Effective July 20, 2004

SPONSOR:

Rep. Willamowski

LOCAL IMPACT STATEMENT REQUIRED:

No

Possible indirect local effects

 


CONTENTS:

Makes revisions to Ohio Condominium Law

 

State Fiscal Highlights

 

        No direct fiscal effect on the state.

Local Fiscal Highlights

 

        No direct fiscal effect on local governments, but could have an indirect effect on property tax revenues.

 


 

Detailed Fiscal Analysis

 

This bill amends the Ohio Condominium Law and addresses many issues relating to the operation and governing of condominium complexes. None of these changes have a direct fiscal impact on the state or political subdivisions.

 

Local Indirect Effects

 

Under the bill, condominium unit owners associations are authorized to purchase, hold title to, and sell real property that is not declared to be part of the condominium property. The bill also reduces from 100% to 75% the majority of the unit owners required to consent to these and other transactions. With a relaxed requirement for an affirmative vote, the extent to which owners associations engage in real property transactions could increase. Depending on the type of transactions, this could either increase or decrease local property tax revenue as an indirect effect of this bill.

 

 

LSC fiscal staff: Erin Jones, Budget Analyst

 

HB0135EN.doc/lb