- Details
- Category: Helping Hands Blog
- Published: Thursday, 11 March 2010 18:00
- Hits: 1930
Ohio Offers Elderly and Disabled Homeowners a Tax Break
The Ohio government is lending a helping hand to its elderly citizens as well as individuals with disabilities. Officials have established the Homestead Exemption plan which allows qualified individuals, regardless of income, to reduce their property tax by protecting a percentage of the market value of the home from taxation. Citizens who are eligible must be totally or permanently disabled or be over the age of 65 by January 1 each year. Even if you are a widower of someone who was previously receiving help from the Homestead Exemption plan and were at least 59 years old at the time of your spouse's death, you can take advantage of this plan. You can find a list of disabilities on The Cochran Firm Disability Lawyer's website. Individuals who own a home can pay bills for the previous tax year while those who own mobile homes will have to pay during the same year taxes are due. Homeowners will be allowed to exempt up to $25,000 from their mortgage. For example if the mortgage on a house is $125,000, under the Homestead Exemption plan the owner will only have to pay taxes as if the home were worth $100,000. It's been estimated that a number of households that will be eligible for this program is 750,000. If you or a loved one would like to take advantage of this opportunity, you can visit the Ohio Department of Taxation website where you will be able to find an application. After filing out the forms, you can submit it to your county auditor. In the past the deadline to sign up for the Homestead Exemption plan has been in October so be sure to confirm the deadline to receive assistance.
