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 aims to provide greater financial relief to 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 total income threshold and reduction amounts based on the percentage increase in the gross domestic product deflator, ensuring that the benefits of the homestead exemption remain aligned with economic changes.

Moreover, the bill addresses tax reductions for surviving spouses of disabled veterans and public service officers killed in the line of duty. It specifies that the tax reduction for a surviving spouse of a disabled veteran will continue through the tax year in which the spouse dies or remarries, and it outlines conditions under which the manufactured home tax for surviving spouses of public service officers will be reduced. The bill also repeals existing sections 323.152 and 4503.065, indicating a significant restructuring of the tax framework for these categories. The amendments will take effect for tax years ending or beginning on or after the bill's effective date, with an emphasis on harmonizing the new provisions with existing laws.

Statutes affected:
As Introduced: 323.152, 4503.065