State Representative Daniel P. Troy (D-Willowick) has introduced legislation that updates Ohio’s Homestead Tax Exemption program. According to the legislator, the changes to the tax exemption law are long overdue. The changes will provide much needed tax relief to senior citizens 65 years of age or older, as well as qualifying Ohioans who are disabled.
According to Representative Troy, House Bill 207 makes three notable changes to the current homestead exemption law:
· It increases the income amount at or below which a homeowner can apply for the homestead tax exemption from 34,200 to $37,500;
· It increases the taxable property value exemption from $25,000 to $31,200;
· And it indexes the property value exempted so that it is annually adjusted for inflation.
“By updating the eligibility threshold for the Homestead Tax Exemption program, and increasing the exemption, we will help our needy Ohioans and those with disabilities reduce their property tax burden and save them dollars often needed for other essential necessities,” said Rep. Troy.
Ohio’s homestead tax exemption was first enacted in 1971, and according to Representative Troy, has not always been updated and adjusted for increases in the cost of living.
“This is a modest proposal, and I certainly wouldn’t object if my colleagues wish to increase the proposal limits, that will bring some needed relief to our senior citizens on lower fixed incomes that want to stay in their homes. As our state’s population rapidly ages, property tax reform and relief should be one of our foremost public policy objectives,” Representative Troy stated. He is hopeful his proposal, which has bipartisan co-sponsorship, will be referred to a committee soon to begin hearings.