Proposed Homestead Exemption Changes…don’t run to the bank yet…

Our Kirtland lobbyist found this information on line while researching pending legislation at the State level.  Our legislators are suggesting an increase in the annual income eligibility for the homestead exemption.

In 2019,  for those taxpayers 65 or older, the threshold is $32,800 – meaning that if you earn $32,800 or more annually you are not eligible for the homestead exemption.

The homestead exemption allows you to deduct $25,000 from your home valuation, before they calculate your property taxes.  The average annual saving is a little south of $500.

State Representative John Rogers is one of the legislators that is trying to pass this legislation.

General Assembly 133

House Bill 99

Short Title:

Revise homestead exemption income eligibility and tax reduction

Long Title:

 To amend sections 323.152 and 4503.065 of the Revised Code to raise the homestead exemption income eligibility to $60,000 and increase the tax reduction.
(LFC Comment: Although this would help seniors, it probably will not be passed because of the proposed changes to the public school funding formula by Reps. Patterson and Cupp.  We will continue to monitor this for you)


Categories: Lake County, Uncategorized

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