The bill amends sections 323.152, 323.153, 4503.065, and 4503.066 of the Revised Code to introduce an enhanced property tax homestead exemption for long-term homeowners who have owned and occupied their homestead for twenty or more years. This new provision, designated as division (A)(4), allows eligible individuals to claim a tax reduction based on their property's specified value, contingent upon their total income not exceeding a certain threshold. The bill also revises existing provisions related to tax reductions for disabled veterans and surviving spouses, ensuring clarity in the eligibility criteria and application processes. It requires applicants under the new division to provide documentation proving their eligibility, streamlining the application process.

Additionally, the bill establishes new requirements for applicants, including a statement regarding the consequences of willfully falsifying information to obtain tax reductions, which could result in a three-year revocation of such rights. It mandates that county auditors inform applicants of their right to appeal if they are charged for failing to notify the auditor of ineligibility. The bill also introduces provisions for late applications and outlines the handling of refunds for overpayments. Specific criteria for tax reductions based on income thresholds and property values are detailed for individuals who are permanently disabled, elderly, or surviving spouses of disabled veterans. The bill includes several deletions and insertions to refine existing language, emphasizing the importance of accurate documentation and compliance with updated tax reduction processes.

Statutes affected:
As Introduced: 323.152, 323.153, 4503.065, 4503.066