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 homestead exemption allows lowincome senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills.Standard Homestead Exemption allows low income senior citizens and permanently, totally disabled Ohioans to reduce their property tax bills. Are you 65 or older? Are you under 65 and disabled? The general homestead exemption is available, plus exemptions for people who are 65 years or older. As the name suggests, a tax exemption makes certain income, assets, or a portion of those income and assets free from taxation. Loan Assistance Tool. Like the homestead exemption, only school districts are required to offer this exemption. Choose Extended Stay America for everything you need for short term, weekly, or long term stays.