The bill amends sections 323.152 and 4503.065 of the Revised Code to enhance the homestead exemption for disabled veterans by introducing new income thresholds. Disabled veterans with total incomes not exceeding $125,000 will receive a property tax reduction based on $100,000 of their property's true value, while those exceeding this threshold will have their reduction calculated based on $50,000. Additionally, the tax reduction for the surviving spouse of a disabled veteran will be determined by the spouse's total income, ensuring that the benefits extend to veterans' families. The bill also incorporates annual adjustments to the income thresholds and reduction amounts based on the gross domestic product deflator, which will be certified to county auditors for implementation in the following tax year.

Moreover, the bill modifies the tax reduction provisions for manufactured and mobile homes owned by disabled veterans and their surviving spouses, specifying that the reduction applies to only one home and clarifying conditions for continuation of benefits after the death or remarriage of the surviving spouse. It also repeals existing sections 323.152 and 4503.065, indicating a significant restructuring of the tax reduction framework. The amendments are set to take effect for tax years 2025 and 2026, reflecting a comprehensive approach to providing financial relief to disabled veterans and their families.

Statutes affected:
As Introduced: 323.152, 4503.065