You may apply in the year you turn 65. 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.If you retain an ownership interest in your home, you may qualify for the Homestead Credit Refund regardless of who pays the property taxes. The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills. Homestead status can save you money on your property taxes. Individual taxpayer identification numbers now qualify property owners for homestead exclusion.