Richardson Protects Disabled Veterans From Increasing Property Tax Rates

COLUMBUS – Legislation introduced by State Representative Tracy Richardson (R-Marysville) to help curb growing property tax concerns had its first hearing in the House Ways and Means Committee Tuesday.

The legislation, House Bill 254, will expand the enhanced homestead exemption to 100% of a home’s true value from the current cap of $50,000. Honorably discharged veterans who have a 100% disability rating will be eligible for this new exemption. 

“I believe in supporting those who have answered the call to service and who have paid a big price for having done so,” said Richardson.

Richardson’s legislation will also expand eligibility for a homestead exemption to veterans based on their disability rating. Veterans with a disability rating of 70% or more will be able to exempt $10,000 of their home’s true value. A disability rating of 50% to 70% will qualify for a $5,000 exemption.

State Representative Adam Holmes (R-Nashport) is also sponsoring the legislation with Richardson. House Bill 254 now awaits additional hearings in the Ways and Means Committee.