Ohio House Bill 479, signed by Governor John Kasich on December 20, 2012, will raise Ohio’s homestead exemption from its current $21,625 to $125,000.  The new law amends Section 2329.66 (A)(1)(b) of the Ohio Revised Code to provide for the higher amount.

The original version of the legislation had provided for an unlimited homestead exemption.  But this provision did not survive as the bill worked its way through the legislative process.  An initial amendment dropped the exemption to $500,000 and the final version contained the $125,000 exemption.

The new exemption amount will become effective in March of 2013.