The Ohio Homeowner Relief Act proposes significant amendments to the Revised Code aimed at enhancing property tax reductions for nonbusiness and owner-occupied properties. Key provisions include the introduction of a refundable income tax credit for renters, allowing eligible tenants to claim a credit of six hundred dollars against their aggregate tax liability. The bill also modifies existing property tax exemptions for farming and residential activities, removing the definition of "qualifying levy" from section 319.302 and adjusting the percentage reductions for residential properties, which will start at 7.5% and increase over the next two tax years. Additionally, it introduces a new section, 5747.25, detailing the refundable income tax credit for renters.

Moreover, the bill expands tax reductions for specific groups, including disabled individuals and senior citizens, by adjusting income thresholds and reduction amounts based on economic indicators. It streamlines the application process for tax reductions, clarifying requirements for applicants and establishing deadlines for notifications to the county auditor. The legislation also imposes penalties for failing to notify the county auditor of eligibility changes and for providing false information. Overall, the Ohio Homeowner Relief Act aims to provide comprehensive financial relief to homeowners and tenants, addressing housing affordability and stability in the state.

Statutes affected:
As Introduced: 319.302, 323.152, 323.153, 323.156, 323.158, 5747.85, 5747.98