The bill amends several sections of the Revised Code in Ohio to enhance homestead exemptions and owner-occupancy property tax credits, particularly for qualifying individuals such as the elderly, permanently disabled, and surviving spouses. Key modifications include changing the term "product" to "lesser" in tax reduction calculations and increasing the maximum reduction amount from twenty-five thousand to seven hundred fifty dollars. Additionally, a new calculation method for adjusting income thresholds and reduction amounts based on the gross domestic product deflator is introduced. The bill also clarifies the certification process for county treasurers to ensure they receive reimbursements from the state for administering these exemptions.

Furthermore, the legislation focuses on property tax reductions for manufactured and mobile homes, specifically for disabled veterans and their surviving spouses. It establishes new income thresholds and reduction amounts, with adjustments made annually based on the gross domestic product deflator. The bill sets a new threshold of $51,500 for tax reductions on manufactured homes owned by disabled veterans and outlines a revised formula for those with total income not exceeding $30,000. It also repeals existing sections of the Revised Code that are now outdated and ensures that tax reductions apply to tax years beginning on or after the bill's effective date, thereby streamlining the process for eligible property owners.

Statutes affected:
As Introduced: 319.302, 323.152, 323.156, 4503.065, 4503.068