The bill amends sections 323.152 and 4503.065 of the Revised Code to revise the calculation and eligibility criteria for the homestead exemption in Ohio. It raises the income threshold for eligibility from "thirty thousand dollars" to the "ninetieth percentile of household modified adjusted gross income of all Ohio residents." The method for calculating the tax reduction is also updated, moving from a fixed amount of "twenty-five thousand dollars" to a percentage of the taxable value of the property based on the applicant's income percentile. A structured table is introduced to outline exemption percentages, ranging from 20% for those at or below 50% to 4% for those at or below 90%. Additionally, provisions are included for disabled veterans and surviving spouses of public service officers killed in the line of duty, ensuring they receive appropriate tax reductions.

The bill further streamlines the tax reduction process for manufactured and mobile homes by repealing existing sections 323.152 and 4503.065. It clarifies that tax reductions apply only to one manufactured or mobile home owned and occupied by qualifying individuals and establishes conditions for claiming these reductions. The threshold for tax reductions is increased from $25,000 to $104,600, and the tax commissioner is tasked with adjusting reduction amounts annually based on economic indicators. Importantly, the bill stipulates that individuals convicted of specific tax-related offenses will not be eligible for reductions for three years following their conviction, aiming to ensure compliance with updated economic standards while providing equitable tax relief to eligible homeowners.

Statutes affected:
As Introduced: 323.152, 4503.065