In early August, Governor Ted Strickland signed a new, expanded Homestead Exemption Act that will provide property tax savings (money!!!) to qualified senior citizens and disabled Ohioans. The Homestead Exemption credit has been in effect for years. But, in the past there were very restrictive income requirements to qualify for the credit.
The BIG NEWS now is that the new Homestead Exemption has NO income qualifications. If you are 65 years or older and a homeowner in the State of Ohio then you can reduce your taxes and save money just by filling out a form (Franklin County) and sending it in to your local county auditor.
IMPORTANT! The completed form must be received by your county auditor no later than October 1, 2007. The good news is that the form is very simple to fill out. So don’t delay.
For example, if you have a home with a market value of $100,000, you would get billed as if your house was worth $75,000. Average savings is projected to be $400.
Don’t fret if you don’t qualify for the new credit; just contact your parents, grandparents and other family members that might qualify for the credit. Your family members will be so happy that you saved them money that they will put you back in their will.
Voila, you are in the money!
You can follow the links in this post for more information. Please contact your local county auditor for more information on eligibility and tax savings.