Two Republican Ohio lawmakers are touting the inclusion of homestead tax exemption changes in this year’s budget and promising to work on future tweaks as well.
The following article was originally published in the Ohio Capital Journal and published on News5Cleveland.com under a content-sharing agreement.
They also pointed to a new Joint Committee on Property Tax Review and Reform created in the budget. That panel will hold hearings and deliver a report with recommendations by the end of this year.Ohio’s homestead exemption cuts property tax bills for low-income seniors and disabled residents by reducing the amount of their home’s value that’s subject to property taxes. The standard exemption reduces taxable value by $25,000, and disabled veterans get an exemption of $50,000.
While those savings are important, fellow auditor David Thomas from Ashtabula County noted they haven’t exactly kept up with Ohioans’ bills.The changes included in the budget will tie those $25,000 and $50,000 exemptions to inflation. In successive years the dollar amount will likely climb to keep pace with rising costs.
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