Real Estate Credit Forms for Franklin
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FAQ
The Homestead Exemption is a property tax reduction available by application to seniors (age 65 or older) and the disabled (permanent/total). In 1970, Ohio voters approved a constitutional amendment permitting this exemption that reduced property taxes for eligible lower income home owners.
General Information. The Homestead Exemption is a property tax reduction available by application to seniors (age 65 or older) and the disabled (permanent/total). In 1970, Ohio voters approved a constitutional amendment permitting this exemption that reduced property taxes for eligible lower income home owners.
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.
The 2017 income threshold is $31,800, the 2018 threshold is $32,200, the 2019 threshold is $32,800, the 2020 threshold is $33,600 and the 2021 threshold is $34,200. 2 How has the homestead exemption changed?
The Homestead Exemption (based on age or disability status) allows taxpayers who are at least 65 years of age or who are totally disabled to receive an exemption.
The homestead exemption is a statewide program which allows qualified senior citizens and permanently and totally disabled homeowners to reduce their property tax burden by shielding some of the appraised (market) value of their home from taxation. The exemption takes the form of a credit on property tax bills.