North Columbus News

Ohio homeowners are facing increasing property taxes, with seniors and those on fixed incomes experiencing significant financial strain. Many older residents have carefully planned for retirement, only to be challenged by rising tax costs that threaten their ability to stay in their homes.

The homestead exemption, created in the 1970s, assists those on fixed incomes by exempting part of their home's value from taxation. Currently, the income eligibility limit is $38,600 with an exemption amount of $26,200. House Bill (HB) 103 aims to expand these figures significantly. The bill proposes raising the income eligibility limit to $45,000 and increasing the exemption amount to $50,000. This change would provide greater tax relief by reducing more of a home's taxable value and allowing more Ohioans to benefit from the program.

Scott Williams, CEO of Ohio REALTORS, testified in support of HB 103: "For many seniors, their home is not just their greatest financial asset – it is their community, their security, and their independence. Without meaningful property tax relief, too many are forced to make difficult decisions between paying for essential expenses and keeping up with their tax obligations."

Williams emphasized that HB 103 seeks to modernize the Homestead Exemption amid rising property values. If passed, it would help senior citizens age in place without fear of being taxed out of their homes.

Ohio REALTORS continue advocating for policies that protect vulnerable homeowners in Ohio. They describe HB 103 as a necessary update aligning an old program with today's economic realities.

Learn more about HB 103 below:

136 General Assembly | House Bill 103