The bill amends several sections of the Revised Code to expand the statewide owner-occupied residence property tax credit, allowing it to encompass all tax levies. This change aims to provide a reduction in real property taxes for eligible homeowners, including those who are permanently disabled, elderly, or surviving spouses of deceased individuals who previously qualified for tax reductions. The bill introduces new legal language defining "qualifying levy" and outlines the criteria for eligibility and calculation of tax reduction amounts based on income thresholds and property value assessments. It also establishes a process for county commissioners to authorize partial exemptions from property taxes, while clarifying that these reductions do not apply to special assessments.

Additionally, the bill requires applicants for tax reductions to authorize the examination of their financial records by the tax commissioner or county auditor to determine eligibility. It allows for late applications to be filed alongside original applications, with the county auditor responsible for assessing the potential tax reduction had the application been submitted on time. The reimbursement process for counties regarding tax reductions is modified, requiring the county treasurer to certify the total amount of taxes reduced to the tax commissioner for payment from the general revenue fund. The bill also introduces a homeownership savings account program, permitting contributors to deduct contributions from their federal adjusted gross income, and repeals existing sections of the Revised Code to ensure the new provisions apply to tax years beginning on or after the bill's effective date.

Statutes affected:
As Introduced: 323.152, 323.153, 323.156, 323.158, 5747.85