The bill proposes significant amendments to sections 323.152 and 4503.065 of the Revised Code, primarily increasing the standard homestead exemption from twenty-five thousand dollars to fifty thousand dollars. This enhanced exemption applies to real property taxes for homesteads owned and occupied by individuals who are permanently and totally disabled, those aged sixty-five or older, and surviving spouses of such individuals. The bill establishes eligibility criteria and specifies that tax reductions will be calculated based on the new fifty thousand dollar threshold, which will be adjusted annually according to economic indicators. Additionally, the bill extends the same exemption to manufactured and mobile homes for qualifying individuals and clarifies that these reductions do not apply to special assessments.

Moreover, the bill addresses 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 stipulates that the manufactured home tax for a surviving spouse of a public service officer will be reduced under certain ownership conditions. The bill repeals existing sections 323.152 and 4503.065, indicating a comprehensive overhaul of the tax structure for these categories, and ensures that the amendments will apply to tax years beginning or ending on or after the bill's effective date.

Statutes affected:
As Introduced: 323.152, 4503.065