The New Homestead Exemption is a tax benefit available to all Ohio homeowners who are over 65 years old or permanently disabled. Here's how it works: regardless of income, qualified seniors and disabled Ohioans can shield up to $25,000 of their home's market value from property taxes. So, if your home is appraised at $190,000, you can shield $25,000 and your tax bill will be assessed as if it were worth $165,000. This is NOT tiered to income: no matter what a homeowner’s income, he or she can still qualify for the full $25,000 exemption. The statewide average will be $400 lower taxes per year per homeowner. THE ABILITY TO APPLY FOR THIS NEW PROGRAM FOR 2007 ENDS ON OCTOBER 1, SO QUALIFIED HOMEOWNERS MUST APPLY BY THIS DATE.

Homeowners should contact their tax professionals for information.