The bill amends sections 323.152 and 4503.065 of the Revised Code to enhance the standard homestead exemption for eligible individuals by increasing the property value threshold from Twenty-five thousand dollars to Fifty thousand dollars. This change will benefit various groups, including those who are permanently and totally disabled, individuals aged sixty-five or older, and surviving spouses of eligible deceased individuals. The bill also establishes criteria for tax reductions based on income levels and previous tax reductions, ensuring that these adjustments are made annually in response to economic indicators. Additionally, it provides tax reductions for manufactured homes owned by disabled veterans and their surviving spouses, maintaining the same increased property value threshold.

Moreover, the bill clarifies tax reductions for surviving spouses of disabled veterans and public service officers killed in the line of duty, ensuring that the tax reduction for a surviving spouse of a disabled veteran continues through the tax year in which the spouse dies or remarries. It also specifies that the manufactured home tax for a surviving spouse of a public service officer will be reduced for any approved tax year, provided ownership was not acquired from a related person. The bill repeals existing sections 323.152 and 4503.065, indicating a significant shift in the application of tax reductions, and ensures that the amendments will apply to tax years ending or beginning on or after the effective date, harmonizing the changes for simultaneous operation.

Statutes affected:
As Introduced: 323.152, 4503.065