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.This program allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence. The Ohio Homestead Exemption allows low-income older adults and permanently and totally disabled Ohioans to reduce their property tax bills. To qualify for the homeowners' exemption, the home must have been the principal residence of the owner as of January 1 of that tax year. Complete form BOE-266, Claim for Homeowners'. Property Tax Exemption.