The bill amends sections 323.152 and 4503.065 of the Revised Code to enhance the homestead exemption by increasing the income eligibility limit from thirty thousand dollars to forty-five thousand dollars and raising the property tax reduction amount from twenty-five thousand dollars to fifty thousand dollars for qualifying individuals, including those who are permanently and totally disabled, individuals aged sixty-five or older, and surviving spouses of such individuals. Additionally, the bill establishes a process for annual adjustments to the income threshold and reduction amounts based on the gross domestic product deflator, ensuring that these figures remain aligned with economic conditions.

Furthermore, the bill addresses tax reductions for manufactured or mobile homes owned by surviving spouses of disabled veterans and public service officers killed in the line of duty. It specifies that tax reductions for these homes begin from the year of the veteran's death or from the first year the deceased spouse received a total disability rating, continuing until the surviving spouse dies or remarries. The bill also introduces limitations on tax reductions for those eligible for a homestead exemption and prohibits tax reductions for individuals convicted of certain violations for three years post-conviction. Existing sections 323.152 and 4503.065 are repealed, with the amendments set to take effect for tax years 2025 and 2026.

Statutes affected:
As Introduced: 323.152, 4503.065