H.B. 57 - Homestead Exemption Inflation Adjustment

• Amends Ohio Revised Code sections 323.152 and 4503.065 to index homestead exemption amounts to inflation using the gross domestic product deflator

• Tax commissioner must adjust annually in September the income thresholds ($30,000) and reduction amounts ($25,000 for regular homeowners, $50,000 for disabled veterans and surviving spouses of public service officers) based on GDP deflator changes from the preceding calendar year

• Adjustment calculations are performed by multiplying the percentage GDP deflator increase by the current threshold or reduction amount, adding the product to the current amount, and rounding to the nearest $100

• Tax commissioner must certify adjusted amounts to county auditors by December 1st each year, with certified amounts applying to the following tax year

• Amendments apply to tax year 2023 and thereafter for homestead property taxes, and tax year 2024 and thereafter for manufactured home taxes