OH HB207

Increases the homestead exemption reduction amount from $25,000 to $31,200 of property true value for eligible homeowners (permanently and totally disabled persons, those 65+ years old, and surviving spouses)

Raises the total income threshold for homestead exemption eligibility from $30,000 to $37,500 annually, with both amounts subject to annual adjustment based on gross domestic product deflator

Applies to real property taxes on homesteads owned and occupied by eligible individuals, as well as manufactured home taxes

Amendments to section 323.152 apply to tax year 2021 and thereafter; amendments to section 4503.065 apply to tax year 2022 and thereafter

Maintains existing exemptions for disabled veterans and surviving spouses of public service officers killed in the line of duty, with their reductions set at $50,000 of property value