The severance of natural resources from land or water in this state owned legally or beneficially by the severer, which natural resources will be used on the land from which they are taken by the severer as part of the improvement of or use in the severer's homestead and which have a yearly cumulative market value of not greater than one thousand dollars. When severed natural resources so used exceed a cumulative market value of one thousand dollars during any year, the further severance of natural resources shall be subject to the tax imposed by section 5749.02 of the Revised Code.
Cite as R.C. § 5749.03
History. Amended by 128th General AssemblyFile No.27, SB 165, §1, eff. 6/30/2010.
Effective Date: 12-20-1971