The homestead exemp- tion provides a reduction in property taxes to qualified senior or disabled citizens, or a surviving spouse, on the dwelling that is that. (See Form 50-114-A) An eligible disabled person age 65 or older may receive both exemptions in the same year, but not from the same taxing units.The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills. Someone claiming the homestead exemption can also claim the over65 exemption. Like the homestead exemption, only school districts are required to offer this exemption. Became known as the 1854 Homestead Act. Homestead exemptions. Austin. January 26, 1839. Qualified for the senior exemption, are unable to pay the taxes on the family home. University Law School in 1974, and in October 1974 was admitted to the Idaho State. Bar.