Disabled applicants must complete form DTE 105E,. This local option prevents any large shift of the property tax burden to the residential class of property owners after a revaluation.The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. Federal law requires that you live in the property for at least 40 months prior to the bankruptcy. Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. In bankruptcy, a homestead exemption protects equity in your home.