In my post of May 1, 2012, I reported that there was pending legislation in Ohio (House Bill 479) that would essentially provide an unlimited homestead exemption, similar to that in Florida, Texas and several other states.
On May 22, 2012 the Ohio House of Representatives passed House Bill 479, but it had significant changes from the original version. The original proposal was amended to provide a complete exception for the state of Ohio and all its political subdivisions. The proposed full homestead exemption was also amended to provide a maximum exemption of $500,000 per person. It is important to note that this is still proposed legislation. The legislation is currently before the Ohio Senate, and there are likely to be further changes.
The Ohio Creditors’ Attorney Association and others are fighting the homestead exemption and other parts of the proposed law. There is still no assurance as to what the ultimate outcome will be.
I will continue to monitor this very significant proposed legislation.