The Taxpayer Relief Act provides for property tax reduction allocations to be distributed to school districts through a "homestead or farmstead exclusion." 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.Download and complete an application form, including the section on household income. Homestead Exemption. The homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills. The Longtime Owner Occupants Program (LOOP) is a Real Estate Tax relief program. This worksheet only calculates your base property taxes, with an adjustment for the homestead exemption for County taxes if applicable. To ensure you qualify, be sure to click the link next to the summary to see your state's complete tax exemption requirements. You may not need to renew it every year, but generally, the first year you would have to apply for a property tax exemption. Act 50 provided a method for school districts to make up lost revenue from enacting Resolution 1's homestead exemption.
