How do I apply for the homestead exemption? The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills.A homestead exemption can benefit homeowners if one spouse in a twoincome household dies. The homestead can't exceed one acre in a city or 160 acres in a rural area. This can provide asset protection from creditors for at least some of house's value. This can provide asset protection from creditors for at least some of house's value. What documents are required as proof of eligibility when applying? How to Apply for Homestead Exemption in Ohio. A homestead exemption can save you thousands of dollars in property taxes and it can also save you from certain liabilities.
