New Bill Seeks to Increase Property Tax Exemptions for Veterans
About 800,000 Ohioans take advantage of the homestead exemption credit that reduces their property tax burden. There’s a bill that would reduce it even further for low-income and disabled veterans.
State Rep. Jason Stephens (R-Kitts Hill) says inflation is one of the biggest enemies of those who live on a fixed income. "And the current homestead exemption does not take into account the cost of inflation," Stephens said.
Current law exempts the first $25,000 of a home’s value from property tax – saving people an average of $440. Stephens says his bill would increase that amount every year for low-income and disabled veterans. "This will be done at the rate of inflation in the same manner as the inflation rate is calculated for the income eligibility."
Stephens says his bill would not restore the homestead exemption for all seniors. Seniors have been means- tested since 2014 but homeowners who qualified before then still do.