OH HB645

Establishes a refundable income tax credit or rebate for homeowners and renters whose property taxes or rent-equivalent costs exceed 5% of their total household income.

For homeowners: credit equals the amount property taxes exceed 5% of household resources; for renters: credit equals 15% of gross rent minus 5% of household resources.

Credit amounts limited by household income tiers ranging from $1,000 for households with $60,000 or less to $200 for households between $90,000-$100,000, adjusted annually for inflation.

Eligible claimants must occupy a homestead for at least 6 months of the claim year; homestead property value cannot exceed county median home value and rental property must meet rent limits.

Claimants filing income tax returns claim credit against tax liability with refund for excess amounts; others file separate rebate applications with tax commissioner between January 1 and April 15 following the claim year.