Ohio Homestead Exemption Changes

There are changes coming to the Ohio Homestead Exemption and of course there is a deadline for taking  advantage of this benefit. The changes coming include tighter standards for new participants, however those homeowners who currently qualify will not need to meet the new standards even if they move to a new residence. It is worth noting that many people believe this benefit is tied to a property, however that is not accurate, it applies to the individual.

Before we go on let’s review what the Ohio Homestead Exemption is:

Ohio’s Homestead Exemption program allows qualifying residents to shield 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.

If you turned 65 in 2013 and live and own your primary, you could be eligible for between $350 and $550 a year reduction on your property taxes. The deadline to apply is June 2, 2014. The application can be found on your county auditor’s website, HERE is a link to all county auditor sites for your convenience. If already have the exemption, you are grandfathered and nothing will change. If you are not registered/approved by June 6,2014, you will be facing the new rule which has an income level to qualify.

Carol Murphy

Keller Williams Greater Cleveland West ~ Carol Murphy Team

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