The bill amends sections 323.152 and 4503.065 of the Revised Code to establish a total property tax exemption for the homesteads of totally disabled veterans and their surviving spouses. It specifies that real property taxes on a homestead owned and occupied by a disabled veteran will be fully exempted, while taxes on a homestead in a housing cooperative will be reduced based on the portion attributed to the homestead. This exemption or reduction is applicable for each year an application is approved and replaces any previous tax reductions. The surviving spouse of a disabled veteran will also receive a similar exemption, which will remain in effect until the spouse either dies or remarries. The bill clarifies that these exemptions do not apply to special assessments and includes provisions for adjusting income thresholds based on economic indicators.

Furthermore, the bill addresses tax provisions for manufactured and mobile homes owned by disabled veterans and their surviving spouses, exempting these homes from the manufactured home tax for any year in which an application for exemption is approved. The exemption is limited to one manufactured or mobile home per eligible individual and is contingent upon the veteran or spouse not acquiring ownership from a related person to qualify. The bill also repeals existing sections 323.152 and 4503.065 and specifies that the amendments will take effect for tax years 2025 and 2026. Throughout the bill, terms like "reduction" are replaced with "exemption," highlighting the nature of the tax relief provided, and it includes provisions to prevent tax reductions for individuals convicted of certain violations.

Statutes affected:
As Introduced: 323.152, 4503.065