The bill amends several sections of the Revised Code in Ohio to revise homestead exemptions and owner-occupancy property tax credits, particularly benefiting individuals who are permanently disabled or aged 65 and older. Key modifications include changing the term "product" to "lesser" in the calculation of tax reductions and increasing the maximum reduction amount from "twenty-five thousand dollars" to "seven hundred fifty dollars." Additionally, the bill introduces a new method for adjusting income thresholds and reduction amounts based on the gross domestic product deflator, ensuring these figures are updated annually. It also clarifies the roles of county auditors and treasurers in administering these tax reductions and specifies that reductions do not apply to special assessments.

Furthermore, the bill addresses property tax reductions for manufactured and mobile homes, particularly for disabled veterans and their surviving spouses, by establishing new criteria based on income thresholds and previous tax year reductions. It specifies that the reduction amount will be the lesser of a specified dollar amount or calculated based on the effective tax rate. The bill also repeals existing sections of the Revised Code that are being amended, ensuring the new provisions take effect for tax years beginning on or after the effective date. Overall, the bill aims to streamline the tax reduction process for eligible homeowners while aligning adjustments with current economic conditions.

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