The Homestead Exemption allows a tax discount for homeowners 65 years older and older or totally disabled. 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.While all homeowners may qualify for a basic homestead exemption, there are also many different exemptions available for seniors and people with full. Are you 65 or older? Are you under 65 and disabled? The tax exemption is limited to the homestead, which Ohio law defines as an owner's dwelling and up to one acre of land. Qualified senior citizens may defer all or part of the property taxes on their personal residence only.