The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills.The homestead can't exceed one acre in a city or 160 acres in a rural area. A homestead exemption can benefit homeowners if one spouse in a twoincome household dies. Some of the states make you file a declaration of homestead before filing for bankruptcy. In others, it is automatic. The filing deadline for qualified applicants to receive consideration for a Homestead exemption for property taxes is March 1. The tax exemption is limited to the homestead, which Ohio law defines as an owner's dwelling and up to one acre of land. Most states' homestead exemption laws apply strictly to the homeowner's primary residence. Some states allow exemptions for secondary homes.
