If you are totally and permanently disabled or you’re a low-income senior, you may be stressed out about your finances. With all of your expenses, how are you going to keep up with your bills when you can’t work?
With Ohio’s homestead exemption, you could save money and feel more financially secure. Here’s some more information.
The Ohio Homestead Exemption
The Ohio homestead exemption dictates that permanently and totally disabled people, as well as senior citizens, can decrease their property tax bills by shielding a portion of the market value of their homes from being taxed. A homestead is a place where you live and a maximum of one acre of land.
The Financial Logistics of the Exemption
Qualifying homeowners can take a credit on property tax bills with the exemption. The maximum is $25,000. This means that if your home is worth $150,000, you can say it’s worth $125,000 on your taxes. Your exemption cannot be more than the value of your home, and you need to meet an income threshold. For 2021, it’s $34,200.
Ensuring You Qualify for the Exemption
Along with qualifying for the means test, you need to either be at least 65 years old or be turning 65 in the year that you’re applying for the exemption, permanently and totally disabled as of January 1 of the year you apply (and certified by a federal or state agency or a licensed physician or psychologist). You could also get the exemption if you are a surviving spouse of someone who was receiving the exemption and you were at least 59 years old when your spouse died.
Contacting Richard P. Arthur
Richard P. Arthur, Attorney at Law, can help you with the homestead exemption. You can call 937-254-3738 for a consultation. He has nearly three decades of experience assisting clients in Dayton and Trotwood, as well as Montgomery, Greene, Miami, Clark, and Warren counties.