Ohio Homestead Exemption

An Ohio program has been expanded resulting in greater tax savings for seniors. The Homestead Exemption Act has been amended to include all persons who are age 65, regardless of income. The amended law excludes from taxation $25,000 of the home’s market value, thereby reducing the amount of taxes paid by the property owner. For example, if your home has a market value of $100,000, you would be billed based upon a value of $75,000. The new law is estimated to save qualified homeowners an average of $400 per year.

If you received the homestead exemption in 2007, you do not have to reapply to receive the savings.  All others need to apply prior to October 1, 2007.  To be eligible, you must be at least 65 years old, or be certified totally and permanently disabled as of January 1 of the current tax year, or be the surviving spouse of a qualified homeowner, and who was at least 59 years old on the date of their spouse's death.  The number of eligible households is expected to grow from 220,000 in 2006 to an estimated 775,000 in 2007.

Forms are available at the O'Neill Senior Center, the local auditor's office, online (click here) or, by contacting the Ohio Department of Taxation at (800) 282-1780.   Seniors are urged to take advantage of this tax break.