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 adjustment will benefit individuals who are permanently and totally disabled, those aged sixty-five and older, and surviving spouses of deceased individuals who were eligible for tax reductions. Additionally, the bill establishes a process for annually adjusting income thresholds and reduction amounts based on economic indicators, thereby providing ongoing financial relief to these vulnerable populations.

Moreover, the bill extends tax reductions to disabled veterans and their surviving spouses, ensuring they receive comparable benefits. It also clarifies that the tax reduction for a surviving spouse of a disabled veteran will remain in effect until the spouse's death or remarriage. The legislation further specifies that the manufactured home tax for surviving spouses of public service officers killed in the line of duty 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 overhaul of the tax structure for these categories, and includes provisions to limit tax reductions for individuals convicted of certain violations for three years post-conviction.

Statutes affected:
As Introduced: 323.152, 4503.065