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Monday, February 3, 2020
Contact: Monica Moran, 614.378.2879
Monica.Moran@franklincountyohio.gov
Franklin County Auditor Michael Stinziano Supports House Bill to Increase Homestead Exemption
COLUMBUS, OH -The Legislative Committee of the County Auditors’ Association of Ohio (CAAO) voted to support Representative Jason Stephens (R-Kitts Hill) bill (HB 439) to protect the pocketbooks of low income seniors and disabled veterans by improving the state’s homestead exemption law. The Committee’s vote came during a recent meeting of the CAAO Executive and Legislative Committees.
Generally the homestead exemption allows low-income senior citizens and disabled veterans to reduce their property tax burden by lowering the market value of their homes for tax purposes. However, Ohio’s Homestead Exemption currently does not adjust for inflation. It has remained the same dollar amount for many years.
The bill requires the amount of each homestead exemption to be adjusted for inflation each year. Under current law, the exemption equals the taxes that would be charged on up to $25,000 of the true value of the home owned by a qualifying senior. This legislation 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. The adjustment each year will be relatively small, but for those who are most disadvantaged by inflation—those living on a fixed income, the benefit, over time, will be significant and work towards supporting Auditor Stinziano's work to help seniors age in place.
Auditor Stinziano noted, “I have seen first-hand the relief the Homestead Exemption provides for senior citizens and disabled veteran homeowners. This bill will provide additional assistance, is easy to administer and would have no impact on school or other local government funding”.
Anyone with questions can call the Franklin County Auditor’s office at (614) 525-HOME.
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