Bill > HB365

This bill establishes the Property Tax Refund Act, which creates a new refundable tax credit or rebate for homeowners and renters whose property taxes or rent exceed 5% of their household income. Eligible claimants must have occupied a homestead for at least six months and have total household resources not exceeding $100,000 in the first claim year. The credit or rebate amount varies based on household resources, with a maximum of $1,000 for households with resources of $60,000 or less, and sliding scale reductions for higher income levels. For homeowners, the credit is based on property taxes paid, while for renters, it is calculated using 15% of gross rent. The bill defines several key terms, including "income" with specific inclusions and exclusions, and provides a mechanism for annual adjustments to income thresholds and credit limits based on the gross domestic product deflator. The credit can be claimed on annual tax returns for those required to file, or through a separate rebate application for those not required to file income taxes. Only one eligible claimant per homestead can claim the credit, and renters are the only ones who can claim the credit for leased properties. The tax commissioner is responsible for determining and publishing home value and rent limits annually, and for prescribing the necessary forms and procedures for claiming the credit.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb365