COLUMBUS – State Rep. Jennifer Gross (R-West Chester) today announced she is cosponsoring legislation that adjusts Ohio’s Homestead Exemption for inflation.
Ohio’s Homestead Exemption allows low-income senior citizens and disabled veterans to reduce their property tax burden by lowering the market value of their homes for tax purposes.
Current law exempts the first $25,000 of market value for homeowners who are either permanently and totally disabled, or who are at least 65 years of age and meet income guidelines. The Homestead Exemption also exempts the first $50,000 of market value for disabled veteran homeowners who qualify in the calculation of property tax bills.
The proposed bill would increase the amount of the Homestead Exemption every year by the same rate of inflation in current law used to calculate the income eligibility of the Homestead Exemption.
“This bill is a simple fix in Ohio law that would provide great relief to our seniors and disabled veteran homeowners, who are living on a fixed income, while having no impact on school funding or other local government funding,” said Gross.
The measure is expected to be introduced this week by State Reps. Jason Stephens (R-Kitts Hill) and Jeff LaRe (R-Violet Township).