Ohio’s Homestead Property Tax Exemption Expanded
By: Source: AARP.org Date Posted: 2007-09-18 15:06:53.635647-04:00
In his first state of the state address in March 2007, newly elected Gov. Ted Strickland proposed the expansion of the Homestead Property Tax Exemption—a reduction in the taxable value of a house. This proposal became part of the state of Ohio's operating budget which passed both chambers of the Ohio General Assembly unanimously and took effect on July 1st.
Simply put, if you are an Ohioan age 65+ or a disabled Ohioan of any age, and your Ohio home is your primary residence (you live in it at least 6 months of the year) you qualify for a $25,000 property tax break, regardless of income or assets. That means that if your home has a taxable value of $100,000 it will be billed as though it were taxable at $75,000. If you currently receive the Homestead Exemption you will be included in the expanded program and do not need to reapply.
The Ohio Department of Taxation estimates that 750,000 or 1 in 4 homeowners in the state are eligible for the tax break worth an average annual savings of $400 per household. The state will use proceeds from a tobacco lawsuit settlement to reimburse counties for lost revenue.
In order for you to take advantage of the exemption beginning with your January 2008 tax bill, you must apply for the tax exemption through your county auditor's office by Oct. 1, 2007. Homeowners can apply for the exemption in the year they turn 65 as long as they own and occupy the house as of Jan. 1 of the year they file.
What You Need to Do
Contact your local county auditor or the Ohio Department of Taxation at (800)282-1780 for an application form or simply download one here. Complete and sign the application form and return it to your local county auditor's office by Oct. 1, 2007.
Related Articles
- Benefits QuickLINK
Find the state, federal, local and private programs for which you are eligible - Reverse Mortgages
Other Resources
- Ohio Department of Taxation
The Ohio Department of Taxation Homestead Exemption Information Page - Directory of County Auditors
Links to County Auditor Web sites - Homestead Exemption Application Form
Apply by Oct. 1, 2007 to receive the Homestead Exemption on your January 2008 tax bill.
preview