Bill > HB40

This bill increases the homestead tax exemption for disabled veterans by modifying two sections of Ohio's Revised Code. Specifically, the bill adjusts the tax reduction for disabled veterans based on their total income, creating two distinct reduction tiers. For disabled veterans with a total income not exceeding $125,000, the bill allows a tax reduction based on $100,000 of the property's true value, while for those with income above $125,000, the reduction will be calculated using $50,000 of the property's value. The bill also provides similar tax reduction provisions for the surviving spouses of disabled veterans, ensuring they can continue to receive a tax exemption based on their total income. These changes will apply to tax years 2025 and 2026 onward for real property and manufactured home taxes, respectively. The modifications aim to provide continued financial support for disabled veterans and their families by reducing their property tax burden, with the exemption amount varying based on the veteran's income level.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb40