Expanding the Homestead Exemption: Ohio REALTORS Testifies in Support of HB 103
By Anastasia Kotkovskaya, Manager, Advocacy and Research
As Ohio homeowners continue to wrestle with rising property taxes, seniors and individuals on fixed incomes feel the greatest financial hardship. Many older homeowners have budgeted carefully for retirement, only to be caught off guard by rising tax costs that now threaten their ability to remain in their homes.
The homestead exemption, established in the 1970s, helps those on fixed incomes by exempting a portion of their home’s value from taxation. The current $38,600 income eligibility limit and $26,200 exemption amount are not providing adequate relief, and House Bill (HB) 103 proposes a much-needed expansion of these figures. Under this bill, the income eligibility limit would be raised to $45,000 and the exemption amount to $50,000, offering greater tax relief by reducing more of a home’s taxable value and allowing more eligible Ohioans to take advantage of the program.
In his testimony, CEO Scott Williams shared:
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. HB 103 proposes to modernize the Homestead Exemption amid soaring property values, and if passed, would ensure that senior citizens can age in place with dignity and without the fear of being taxed out of their homes.
Ohio REALTORS® will continue to advocate for policies that protect Ohio’s most vulnerable homeowners. HB 103 is a commonsense update to a decades-old program, aligning it with today’s economic landscape.
Learn more about HB 103 below:
