This allows qualifying homeowners to exempt some of the market value of their homes from local property taxes. The value of the property tax exemption is adjusted annually for inflation, according to the Ohio Department of Taxation.
For those who enroll and qualify, the Homestead Exemption shields the first $28,000 of a property’s value from taxation, so an eligible owner of a home valued at $100,000 would be billed as if the home were valued at $72,000.
This results in Montgomery County property owners saving hundreds of dollars each on their property taxes annually, according to the Montgomery County Auditor’s Office.
“We want to encourage homeowners to apply for this valuable tax break if they believe they might be eligible,” said Montgomery County Auditor Karl Keith.
Only homeowners whose modified adjusted gross household income is $40,000 or less are eligible for the exemption.
Disabled veterans may be eligible for additional benefits, such as a property tax exemption of $52,300 on their primary residence if the veteran is 100% disabled as a result of their service.
Homeowners are required to have owned and occupied their residence on Jan. 1 this year to be eligible for this year’s tax credit and must be at least 65 years of age by Dec. 31. Homeowners already receiving the benefit do not need to reapply.
Property owners can get more information or apply for the credit through their county auditor’s office.
Montgomery County homeowners can apply for the exemption online at www.mcauditor.org/homestead, or a form can be printed from the website and mailed to the auditor’s office.
Keith said homeowners who are unsure if they meet the requirements for the Homestead Exemption should call his Homestead Hotline at 937-225-4341 for assistance.
In Greene County, residents can call 937-562-5622 with questions regarding their eligibility for the exemption and more. In Warren County, residents can call 513-695-1235 or email auditor@warrencountyohio.gov.
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