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 changes 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 dollar amount to a percentage of the taxable property value based on the applicant's income percentile. A new table is introduced to outline exemption percentages, which range from 20% for those at or below 50% income to 4% for those at or below 90%.

Additionally, the bill increases the reduction amount for disabled veterans and surviving spouses of public service officers killed in the line of duty from "fifty" to "one hundred four thousand six hundred dollars." The tax commissioner is required to adjust these reduction amounts annually based on the gross domestic product deflator, with adjustments certified to county auditors by December 1 each year. The bill also repeals existing sections of the Revised Code that are now outdated due to these amendments and clarifies that no tax reduction will be granted to individuals convicted of certain violations for a specified period. Overall, the legislation aims to enhance tax relief for eligible homeowners while ensuring a more equitable and responsive system based on income levels.

Statutes affected:
As Introduced: 323.152, 4503.065