A Property Tax Reduction You Might Not Know You Qualify For: Part 2

We’re back with the second portion of our series on property tax discounts to talk about the homestead exemption.

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Today we’re wrapping things up with the second portion of our talk on getting a discount on your property taxes. You can see the first portion here.  

The homestead exemption is a statewide program that lets qualified senior citizens and permanently disabled homeowners reduce some of their property tax burdens by shielding some of the market value of their home from taxation. The exemption, which is a credit on property tax bills, allows qualifying homeowners to exempt $25,000 from the market value of their home from all local property taxes.

The homestead exemption allows certain homeowners to shield $25,000 in home value from property taxability.

Starting in the 2014 tax year, the state of Ohio added an additional classification of recipient: disabled veterans. This allows for an increased reduction of $50,000 on property taxes.

There are some guidelines and income limits that apply to this exemption, so if you’re unsure if you’re eligible for this discount, give me a call or send me an email. I’d be happy to verify your information and that you’re receiving all the benefits you can as an Ohio resident.

If you have any other questions about our market or you’re looking to buy or sell a home, give me a call. I’d be glad to help.