OH HB439

Amends Ohio Revised Code sections 323.152 and 4503.065 to adjust the $25,000 homestead exemption and the $50,000 enhanced exemption for disabled veterans for inflation beginning in tax year 2020 and 2021, respectively.

The tax commissioner must calculate annual inflation adjustments in September using the gross domestic product deflator from the U.S. Department of Commerce, rounded to the nearest $100, and certify the amounts to county auditors by December 1st.

The $25,000 threshold for the standard homestead exemption and the $30,000 income threshold for eligibility are both subject to annual inflation adjustments that do not apply if the calculated adjustment would be lower than the current threshold.

The disabled veterans' enhanced homestead exemption increases from $25,000 to $50,000 in true value with annual inflation adjustments applied in the same manner as the standard exemption.

Amendments apply to manufactured and mobile homes under the same inflation adjustment mechanism, with adjustments to both property value thresholds and income eligibility limits starting in tax year 2021.