I believe the integrity and morality of a society is determined by how we treat the most vulnerable members of our community. That’s why I’m fighting to protect the pocketbooks of low-income senior citizens and disabled veterans with legislation to make Ohio’s homestead exemption law even stronger.
The homestead exemption is a property tax credit that allows low-income seniors and disabled veterans to reduce their property tax burden by lowering for the market value of their homes for tax purposed. As it currently stands, the program exempts up to $25,000 for disabled individuals or low-income seniors and $50,000 for disabled veterans.
The homestead exemption results in an average savings of over $500 in eligible homeowners’ property taxes each year. Over 800,000 Ohio homeowners take advantage of the Homestead Exemption every year. This program is successful, but I believe we can make it even better for Ohioans.
That’s why I’ve introduced House Bill 357, legislation that adjusts Ohio’s homestead exemption for inflation each year.
With a startling jump in inflation across the United States, the increase in the cost of living stretches the budgets of individuals on a fixed-income. Through no fault of their own, these citizens are struggling to make ends meet.
The bill is designed to increase the amount of the homestead exemption every year by the same rate of inflation in current law used to calculate the income eligibility of the homestead exemption, making it easy to implement and administer.
The adjustment each year will be relatively small. However, it would yield significant benefits for individuals are who are most disadvantaged by inflation, such as those living on a fixed income.
We certainly live in unpredictable times. As a state legislator, I know that tax dollars are your money – not the government’s money. House Bill 357 is a step in the right direction to provide greater relief to some of our most vulnerable citizens.