The bill amends sections 323.152 and 4503.065 of the Revised Code to enhance the homestead exemption for disabled veterans and their surviving spouses. It establishes a new income threshold of $125,000, allowing veterans with total incomes below this amount to receive a property tax reduction based on $100,000 of their property's true value. For those exceeding this threshold, the reduction will be based on $50,000. The bill also ensures that the tax reduction for surviving spouses is determined by their total income, thereby extending the benefits of the exemption to them as well. Additionally, the bill includes provisions for annual adjustments to the income thresholds and reduction amounts based on the gross domestic product deflator, with the tax commissioner responsible for certifying these changes to county auditors by December 1 each year.

Moreover, the bill introduces specific provisions for manufactured and mobile homes owned by disabled veterans and their surviving spouses, reiterating the same income thresholds and reduction amounts. It clarifies that the reduction applies to only one manufactured or mobile home per eligible individual. The bill also repeals existing sections 323.152 and 4503.065, indicating a significant restructuring of the tax reduction framework, with the new provisions set to take effect for tax years 2025 and 2026. Additionally, it includes measures to prevent tax reductions for individuals convicted of certain violations for three years post-conviction, reinforcing compliance with tax regulations.

Statutes affected:
As Introduced: 323.152, 4503.065