Ohio bill would change homestead tax exemption for senior citizens
There’s a bipartisan bill in the Ohio legislature that would update and change Ohio’s homestead tax exemption for senior citizens with backers of the proposal saying it is time to make changes to the tax break.
Rep. Daniel Troy (D-Willowick) is one of the sponsors of HB207. At a news conference Thursday — with other supporters of the bill — Troy said Ohio has lowered income taxes during the past 40 years, but that’s not the case for property taxes.
“I guarantee if you go talk to some of your property taxpayers, especially those on fixed incomes, they’re going to say, ‘well, that’s nice but my property taxes are now the highest that they have been in the last 40 years,’” Troy said.
Property values have been increasing significantly during the past couple of years.
Troy said that is why it is important to pass his legislation.
According to an analysis, the bill would increase the homestead exemption for elderly or disabled homeowners from $25,000 to $31,200 of a home's appraised value or cost.
It would also expand eligibility for a homestead exemption by increasing the income threshold to qualify for the program, from $34,200 to $37,500 — based on a modified Ohio adjusted gross income.
Without that, Troy said many older Ohioans will not be able to afford to stay in their homes. The bill has had two committee hearings in the House.