OH HB357

Amends Ohio Revised Code sections 323.152 and 4503.065 to automatically adjust homestead property tax exemption amounts annually based on the gross domestic product deflator.

Requires the tax commissioner to adjust income thresholds and exemption amounts each September by calculating the percentage increase in the GDP deflator from the prior calendar year and applying it to current thresholds.

Adjustments are rounded to the nearest $100 and only made if the resulting amount exceeds the current year's threshold or exemption amount.

Applies to real property homestead exemptions beginning in tax year 2021 and manufactured home tax exemptions beginning in tax year 2022.

Affects exemptions for elderly persons (65+), permanently and totally disabled persons, disabled veterans, and surviving spouses of public service officers killed in the line of duty.