The Ohio Application for Owner-Occupancy Tax Reduction is a form created by the Ohio Department of Taxation that allows homeowners to apply for a reduction or exemption from certain taxes. This tax reduction can be applied to the homestead exemption, which is a reduction in the amount of taxes homeowners must pay on their primary residence. The application can also be used to apply for the Homestead Exemption Credit, which provides up to a 25% reduction in the amount of taxes homeowners must pay on their primary residence. There are other tax relief programs, such as the Homestead Exemption for Senior Citizens, the Homestead Exemption for Disabled Homeowners, and the Homestead Exemption for Veterans. All of these programs provide additional tax relief for eligible homeowners.
Ohio Application For Owner-Occupancy Tax Reduction
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How to fill out Ohio Application For Owner-Occupancy Tax Reduction?
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To apply, complete the application form (DTE 105A, Homestead Exemption Application Form for Senior Citizens, Disabled Persons, and Surviving Spouses), then file it with your local county auditor. The form is available on the Department of Taxation's website and is also available from county auditors.
The Owner Occupancy Credit is a program in the state of Ohio that allows property owners who live in their property to receive a 2.5% reduction credit on the property taxes for their primary residence.
If a property increased by more than the average, taxes will increase. While the total tax dollars raised stays the same, an individual taxpayer's share will be based on his new property value. In this way, House Bill 920 equalizes the burden of a voted tax. House Bill 920 applies to all voted levies.
The Owner-Occupied Tax Reduction is a reduction of up to 2.5% in the taxes charged by qualified levies. The reduction is applied against real property taxes and manufactured home taxes on your principal place of residence.
Ohio's Homestead Exemption protects the first $25,000 of your home's value from taxation. For example, if your home is worth $100,000, you will be taxed as if the home were worth $75,000. On average, those who qualify for the exemption save $400 a year.
Taxes may be reduced by an additional 2.5 percent if the home is owner-occupied. A homestead exemption is available for qualifying homeowners (see Credits).
What is the Owner Occupancy Credit? To receive up to a 2.5% tax reduction on an owner-occupied home in Ohio, you must own and occupy that home as your principal place of residence (domicile) on January 1 of the year you file for the reduction. A homeowner and spouse are entitled to this credit on only one home.
Who is eligible for the Homestead Exemption? To qualify for the Homestead you must: Own and occupy the home as your primary place of residence as of January 1 of the year for which they apply; and. Be 65 years of age, or turn 65, by December 31 of the year for which they apply; or.