Bill > HB143

This bill authorizes an enhanced property tax homestead exemption for certain long-term homeowners. Specifically, it creates a new tax reduction category for individuals who have continuously owned and occupied their homestead (either a house or a manufactured/mobile home) for 20 or more years and meet certain income thresholds. The bill allows these long-term homeowners to claim a higher tax reduction of fifty-six thousand dollars in property valuation, compared to previous exemption levels. This applies to homeowners who are 65 years or older, permanently and totally disabled, or are the surviving spouse of someone who qualified under those categories. The reduction is available only if the homeowner's total income does not exceed a specified annual threshold, which will be adjusted annually for inflation. The bill amends existing sections of the Ohio Revised Code related to property tax exemptions for manufactured homes and real property, ensuring that long-term homeowners receive additional financial relief. The changes will apply to tax years ending on or after the bill's effective date, providing an opportunity for eligible homeowners to reduce their property tax burden.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb143