(The Center Square) – The first change in 15 years to the homestead exemption could mean tax relief to Ohioans living on fixed incomes.
A bill folded into the recently passed and signed state budget tied the homestead exemption to inflation, which supporters say protects the state’s vulnerable population, like senior citizens and disabled veterans, from increased property taxes.
“We have a responsibility to give back to our seniors and veterans who have sacrificed so much for the future of our state,” said Rep. Thomas Hall, R-Madison Township. “They deserve to live a comfortable life in their homes without the burden of questioning how they will afford a way of life that allows them to prosper.”
As previously reported by The Center Square, The Ohio Poverty Law Center said tying homestead to inflation would grow the number of people who benefit immediately. The group had also encouraged lawmakers to expand those eligible for the exemption.
David Root, state legislative chairman of the Department of Ohio VFW, said during testimony for the bill the move could also play a role in limiting veteran suicide.
By shielding these populations from fluctuations in property taxes, this legislation allows those living on fixed incomes to maintain financial stability and stay in their homes, Hall and Rep. Steve Demetriou, R-Bainbridge, said in a release.
“Home ownership is a goal that should be achievable by every Ohioan,” said Demetriou. “When talking about solving the housing crisis in our state, we must ensure that those that already own a home can afford to continue to live in it. That is what House Bill 57 sets out to do.”
