Longtime Ohio homeowners could get a larger property tax exemption under a bill the House of Representatives passed on Tuesday.
House Bill 274, which passed 78-10, would increase the homestead exemption of $26,200 to $50,000 for residents who have an income of $38,600 or less and have owned and lived in their home for at least 20 years. Homeowners also must be 65 or older or permanently and totally disabled.
Taxing authorities, such as local governments and schools, would be reimbursed from the state’s general revenue fund. Both the income limit and the exemption are increased each year with inflation. In 2025 the income limit will be $40,000.
“No Ohioan who has lived their entire life in their home should be at risk of losing it to taxation,” said Rep. Adam Mathews, R-Lebanon, on Tuesday. The other sponsor of the bill was Rep. Richard Dell’Aquila, D-Seven Hills.
The bill now heads to the Senate.
Erin Glynn is a reporter for the USA TODAY Network Ohio Bureau, which serves the Columbus Dispatch, Cincinnati Enquirer, Akron Beacon Journal and 18 other affiliated news organizations across Ohio.
This article originally appeared on The Columbus Dispatch: Longtime Ohio homeowners could get a property tax exemption