Bill > SB356

This bill temporarily increases the amount of homestead exemptions, which are reductions in property taxes for homeowners, for specific tax years. For real property taxes, this increase applies to tax year 2025, and for manufactured or mobile homes, it applies to tax year 2026. The bill states that the amount of taxes that would normally be reduced under specific sections of Ohio law (sections 4503.065 or 323.152(A) of the Revised Code) will be multiplied by two for these tax years, meaning the tax reduction will be doubled. However, this increase does not affect reductions authorized under section 319.304 of the Revised Code. Furthermore, the entire amount of this increased tax reduction for tax year 2025 (for real property) or tax year 2026 (for manufactured homes) will be applied to the second half of the property tax bill for those respective years. The bill also declares an emergency, meaning it will take effect immediately, to provide prompt tax relief to vulnerable taxpayers.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb356