The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills. 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.The deadline to file any exemptions for the 2025 tax year is March 1, 2025. It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. Calculate how much you'll pay in property taxes on your home, given your location and assessed home value.