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Recent Changes to the Ohio Homestead Exemption
July 21st, 2007 categories: Columbus News, For Home Sellers
The Bottom Line: The Ohio Homestead Exemption is now available to all qualifying residents regardless of income.
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What is it
- The Homestead Exemption allows senior citizens and permanently and totally disabled Ohioans to reduce their property tax burden by shielding some of the market value of their home from taxation.
The exemption, which takes the form of a credit on property tax bills, allows qualifying homeowners to exempt $25,000 of the market value of their home from all local property taxes. For example, through the Homestead Exemption, a home with a market value of $100,000 would be billed as if it is worth $75,000.
The exact amount of savings will vary from location to location. But overall, across Ohio, qualified homeowners should save an average of about $400 per year.
How has the Homestead Exemption changed
Starting July 2, 2007, the Homestead Exemption is now available to all Ohio homeowners, regardless of income, who are either age 65 or older or permanently and totally disabled. These changes are the result of House Bill 119, which was signed into law by Gov. Ted Strickland on June 30, 2007.
Previously, eligibility for the Homestead Exemption was restricted through income tests that disqualified most senior citizens. For example, during the 2006 tax year, any senior citizen or disabled Ohioans with household income of more than $26,200 per year could not qualify for the savings.
Another important change: All households who qualify for the Homestead Exemption will now receive a flat $25,000 property tax exemption on the market value of their home. Previously, benefits were tiered according to homeowners
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