Homestead Exemption is a statewide program that allows qualifying Ohio homeowners to shield $25,000 of the market value of their homes from property taxes. This is an additional reduction in real estate and manufactured home taxes beyond any other property tax deductions and rollbacks an individual may already be getting.
Eligible homeowners live in their homes as their primary residences and must fit into at least one of the following categories:
Effective July 1, 2007, there is no income requirement for eligibility. All Ohioans who meet the above guidelines qualify for the exemption - approximately 775,000 people.
The amount of savings will vary from community to community based on local tax rates, but should average about $400 per newly qualifying homeowner.
To receive the Homestead Exemption property tax credit, individuals must apply through their county auditors' offices. The current application deadline is Oct. 1, 2007, to have the exemption applied to property tax bills payable in 2008.
For more information, visit tax.ohio.gov or contact the office of your county auditor.