Eligible homeowners now may be able to reduce the market value of their homestead by up to $25,000 for property taxation purposes, saving the typical homeowner about $400 per year.

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 tax exemption is limited to the homestead, which Ohio law defines as an owner’s dwelling and up to one acre of land.

The new Homestead Exemption is available to all homeowners 65 and older and all totally and permanently disabled homeowners. If you were not previously eligible, you must fill out and file a short application with your local county auditor by October 1, 2007 to receive relief on your 2008 property tax bills. Failure to file a timely application will result in denial of the exemption for 2008. More information, including an application for the exemption, can be found online at the Ohio Department of Taxation website listed below.

http://tax.ohio.gov/divisions/communications/homestead_exemption_information.stm

If you have any questions, please contact Stephen Richman at (216) 736-7203 or via email at sdr@kjk.com.