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 tax 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 and older, and surviving spouses of eligible deceased 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 changes are certified to county auditors by December 1st each year.

Furthermore, the bill introduces tax reductions specifically for manufactured or mobile homes owned by surviving spouses of disabled veterans and public service officers killed in the line of duty. The tax reduction for surviving spouses of disabled veterans begins in the year of the veteran's death or when the spouse receives a total disability rating, lasting until the spouse dies or remarries. For public service officers, the reduction applies if the spouse did not acquire ownership from a related person and is valid from the year of the officer's death through the year the spouse dies or remarries. The bill also includes provisions regarding the calculation of tax reductions, eligibility for homestead exemptions, and a prohibition on tax reductions for individuals convicted of certain violations for three years post-conviction. Existing sections 323.152 and 4503.065 will be repealed, with the amendments taking effect for tax years 2025 and 2026, respectively.

Statutes affected:
As Introduced: 323.152, 4503.065