Representative Richardson Testifies for House Bill 261

State Representative Tracy Richardson (R- Marysville) testified today before the House Ways and Means Committee on House Bill 261. She was joined by her joint sponsor Brian Lorenz (R-Powell).

House Bill 261 represents a common-sense step toward protecting the people who built our communities, especially our seniors. For too long, complicated systems and one-size-fits-all policies have overlooked the unique challenges facing older Ohioans living on fixed incomes.

This legislation creates an incentive for local governments to establish a Local Homestead Exemption that matches the value of the current state homestead exemption, $25,000 of home value indexed to inflation. Should a local government decide to implement this local option for the homestead exemption, the state will reimburse the local government for 50% of the Local Exemption. With the establishment of a Local Exemption, qualifying seniors will now be eligible for property value reduction of up to $50k (adjusted to inflation). House Bill 261 also increases the income eligibility of the state homestead exemption to $55,000 of modified Ohio adjusted gross income, indexed to inflation.

“Addressing our property tax process and reducing the unacceptable burden property taxes place on Ohioans continues to be a priority of mine,” said Richardson. “The ripple of fear and anxiety caused by skyrocketing increases is felt strongly by our vulnerable seniors who live on fixed incomes and have limited earning potential. Seniors deserve better in their golden years!  HB 261 brings hope for a brighter tomorrow and demonstrates commitment to some of the most contributing, caring, and vulnerable citizens within our communities.”

At its core, this bill is about keeping promises. Ohio’s seniors have spent decades working, paying taxes, and contributing to their communities. House Bill 261 respects that commitment by prioritizing stability, protecting their financial security, and promoting policies that allow them to age with dignity.

This bill awaits further consideration by the House Ways and Means Committee.