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Recent Changes Made to the Homestead Exemption
The Ohio General Assembly has recently made changes to the Homestead Exemption
which may provide additional property tax relief for homeowners. In the past,
many homeowners were deemed ineligible for the Homestead Exemption due to income
tests, but, under the new law, those income tests 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, saving the typical homeowner about $400 per year.
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 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 link below.
http://tax.ohio.gov/divisions/communications/homestead_exemption_information.stm
If you wish to discuss this change in law with respect to your specific situation,
or if you would like our help in completing the application for the new Homestead
exemption, please contact a member of the Cohen service team at
www.coheninfo@cohencpa.com.
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