Deadline nears to apply for homestead tax exemption

County auditors have the
applications for the real
estate tax break.

By MARC KOVAC

VINDICATOR CORRESPONDENT

COLUMBUS — Eligible homeowners have less than a week to sign up for an expanded tax break.

Statewide, nearly half a million residents have submitted applications for homestead savings, according to the most recent count released by the Ohio Department of Taxation.

Adding elderly and disabled property owners previously covered by the program, that means about 700,000 Ohioans will received lower tax bills come January.

Paperwork must be received by county auditors by Oct. 1.

Those postmarked by the deadline but received thereafter will not be accepted.

“Homeowners who haven’t signed up yet need to act fast,” said Tax Commissioner Richard Levin.

“Get that application in the mail today. Or, better yet, pay a visit to your local county auditor.”

New rules

Under prior law, the homestead exemption was based on income and other eligibility requirements, with a formula used to determine actual tax savings. Under the new provisions included in the state’s two-year operating budget, the tax cut now is open to all seniors age 65 and older (or will turn 65 this year).

Certified totally or permanently disabled residents (as of Jan. 1 of this year) or surviving spouses of qualified homeowners who are at least 59 when their spouse died, also are eligible, according to the Ohio Department of Taxation.

The change means about 775,000 Ohioans now qualify, compared with 220,000 under the old formula, according to the department. The exemption reduces the market value of homeowners’ primary residences by $25,000 for tax computations. Total savings will vary by community, based on existing tax rates. The average homeowner will save about $400 a year, according to the Ohio Department of Taxation.

A total of 40,000 new applications for the exemption were submitted by homeowners in Mahoning and surrounding counties.

Applications for the exemption are available online atwww.tax.ohio.gov or through any county auditor’s office.