Homestead Exemption Deadline Approaching
Just a reminder that the deadline to file/apply for the Homestead Exemption is October 1st, which is this coming Monday.
The Homestead Exemption is a tax break for homeowners age 65 or older or disabled. If you are not yet 65 but will turn 65 prior to the end of this year (this tax year I should say… which for the vast 99.9% of us is the same as the calendar year) and owned your home as of January 1st of this year, then you are able to apply as well. Furthermore, it is my understanding that only one of the owners (if the property is jointly owned by a husband and wife) needs to qualify in order to claim the tax credit. When in doubt, submit the application and if it’s rejected you will be notified why. The county auditor is required by law to notify owners being rejected by November 1st, so within a month of the deadline. Or you can simply call your local auditor’s office, your accountant/CPA, or tax attorney for advice.
You can download an application (in Adobe .pdf format) from the State of Ohio’s Department of Taxation website or you can get them at the county auditor’s office. You cannot file the form electronically; you must submit it to the county auditor’s office in the county that you own your home. A signature is required on the form and proof of eligibility.
Previously the Homestead Exemption was only available to those individuals that were 65 or older and made no more than $26,200. The income qualification has been removed, thus making all seniors who own their homes eligible for the tax credit. The tax credit previously only made the first $5,700 of a home’s value exempt from property tax, this has been increased to the first $25,000 of the home’s value being exempt along with the elimination of the income requirement.
As always, I welcome your comments and feedback…