How has the Homestead Exemption changed?
Starting July 2, 2007, the Homestead Exemption is now available to all Ohio homeowners, regardless of income, who are either age 65 or older or permanently and totally disabled. These changes are the result of House Bill 119, which was signed into law by Gov. Ted Strickland on June 30, 2007. Previously, eligibility for the Homestead Exemption was restricted through income tests that disqualified most senior citizens. For example, during the 2006 tax year, any senior citizen or disabled Ohioans with household income of more than $26,200 per year could not qualify for the savings. Another important change: All households who qualify for the Homestead Exemption will now receive a flat $25,000 property tax exemption on the market value of their home. Previously, benefits were tiered according to homeowners’ income and usually not as valuable. Because of these changes, the number of households eligible for the Homestead Exemption is expected to grow from 220,000 to an estimated 750,000. The
