What is the Homestead Exemption?
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.
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.
The Homestead Exemption is the result of Proposal A, passed by Michigan voters in 1994. It exempts a property owner from school operating tax, which currently is18.00 mills for Brighton schools. Every property owner in Michigan is allowed one exemption on their principal residence only (a home which is owned and occupied.) A secondary home does not qualify, nor do commercial and industrial properties. Applications are available in the Brighton City Hall, or by calling (810) 227-9006.
Under Virginia law, each individual is entitled to keep up to $5,000 in real estate, personal property or both. Married couples are each entitle to keep up to $5,000. This can be equity in your home, your tax refund, your mobile home, cash, or any other property that doesn’t qualify for another exemption. You get another $500 for each dependent and an additional $2,000 if you are a disabled military veteran with a service related disability of more than 40%.
