Last year, the Ohio General Assembly made changes to the "Homestead Exemption" which provides for annual property tax relief to "Eligible Homeowners" (all homeowners 65 and older, and all totally and permanently disabled homeowners). In the past, many homeowners were deemed ineligible for the Homestead Exemption due to annual income thresholds, but, under the new law, those income levels no longer apply. Eligible homeowners now may be able to reduce the market value of their homestead by up to $25,000 for property taxation purposes.
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.
If you were not previously eligible, you must fill out and file a short application with your local county auditor by June 2, 2008 to receive relieve on your 2008 property tax bills. Also, you may still get relief for 2007 taxes (payable in 2008) even if you failed to file the application by October 2, 2007 deadline. More information, including an application for the exemption, can be found at the Ohio Department of Taxation website listed below.
http://tax.ohio.gov/divisions/communications/homestead_exemption_information.stm
Information provided by Stephen D. Richman Esq.
3 comments :
Property Tax Relief can only happen if you appeal the assessment. You can appeal property tax assessments yourself. The appeal process can be difficult to navigate because you must be able to prove and your adjusted value is not in line with property values. This requires research and expertise the average citizen does not possess. Additionally, the tax board attempts to discourage appeal warning that unsuccessful appeal can result in higher, not lower taxes.
Property Tax Relief can only happen if you appeal the assessment. You can appeal property tax assessments yourself. The appeal process can be difficult to navigate because you must be able to prove and your adjusted value is not in line with property values. This requires research and expertise the average citizen does not possess. Additionally, the tax board attempts to discourage appeal warning that unsuccessful appeal can result in higher, not lower taxes.
Property Tax Relief can only happen if you appeal the assessment. You can appeal property tax assessments yourself. The appeal process can be difficult to navigate because you must be able to prove and your adjusted value is not in line with property values. This requires research and expertise the average citizen does not possess. Additionally, the tax board attempts to discourage appeal warning that unsuccessful appeal can result in higher, not lower taxes.
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