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 tax reduction calculations 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 annually based on the gross domestic product deflator. It also clarifies the responsibilities of county auditors and treasurers in administering these tax reductions, including the certification of reduced tax amounts and the distribution of funds to local taxing districts.

Furthermore, the bill addresses property tax reductions for manufactured and mobile homes, focusing on criteria for disabled veterans and their surviving spouses. It establishes that the reduction amount will be the lesser of a specified dollar amount or calculated based on the effective tax rate. The legislation also outlines the process for county treasurers to certify tax reductions to the tax commissioner, who will allocate funding to cover administrative costs. Existing sections of the Revised Code that are being amended will be repealed, and the amendments will apply to tax years beginning on or after the bill's effective date. Overall, the bill aims to enhance financial relief for eligible homeowners while ensuring proper funding and administration at the local level.

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