New Expanded Homestead Exemption
July 13, 2007 Property Tax Relief for Senior Citizens and the Disabled
The Ohio General Assembly has enacted a new, expanded Homestead Exemption that will provide additional property tax relief to qualified senior citizens and permanently and totally disabled Ohioans.
Previously, most senior citizens and disabled Ohioans were excluded from the Homestead Exemption because of income tests. The new exemption offers eligible homeowners, regardless of income, the opportunity to shield up to $25,000 of the market value of their homestead (the dwelling and up to one acre of land) from property taxation.
Previously, most senior citizens and disabled Ohioans were excluded from the Homestead Exemption because of income tests. The new exemption offers eligible homeowners, regardless of income, the opportunity to shield up to $25,000 of the market value of their homestead (the dwelling and up to one acre of land) from property taxation.
The catch? Seniors and disabled Ohioans who weren’t previously eligible must apply with their local county auditor by Oct. 1, 2007 in order to take advantage of the Homestead Exemption, which will save the typical homeowner about $400 per year.
The new Homestead Exemption is available to all homeowners 65 and older and all totally and permanently disabled homeowners. For more details, including an application form and answers to frequently-asked questions, click here.
posted by Kathie Bracy at 3:24 PM
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