The bill amends sections 323.152 and 4503.065 of the Revised Code to enhance the homestead exemption by increasing the income limit for qualifying individuals from thirty thousand dollars to forty-five thousand dollars and raising the property value reduction amount from twenty-five thousand dollars to fifty thousand dollars. These adjustments are aimed at individuals who are permanently and totally disabled, those aged sixty-five or older, and surviving spouses of deceased individuals eligible for tax reductions. 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 changes are certified to county auditors by December 1 each year.

Moreover, the bill introduces 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 surviving spouses of disabled veterans can receive tax reductions from the year of the veteran's death or when they receive a total disability rating, continuing until the spouse dies or remarries. The bill also outlines conditions for public service officer spouses to qualify for similar reductions. It repeals existing sections 323.152 and 4503.065, indicating a significant update to the tax reduction framework, with the new provisions set to take effect for tax years 2025 and 2026. Additionally, it includes a provision that prohibits tax reductions for individuals convicted of specific violations for three years following their conviction.

Statutes affected:
As Introduced: 323.152, 4503.065