Governor Ted Strickland signed into law a new Homestead Exemption for Ohio homeowners and eliminates the old exemption rules. The new exemption will allow homeowners to shelter the first $25,000 of market value, not taxable value, from real estate taxation.
An application must be filed with the county auditor before October 1st in order to reduce the taxes due in 2008. To be eligible the homeowner must live in the home as their primary residence and be 65 years old or will be 65 in 2007, or be certified totally and permanently disabled as of January 1, 2007, or be the surviving spouse of a qualified homeowner who was at least 59 years old on the date that the spouse died. If you believe that you qualify, contact your county auditor and request an application form or contact our office for assistance. The application must be filed before October 1, 2007 to receive the exemption in 2008.
Those homeowners who already qualified for the homestead exemption do not have to file an application to qualify for the new homestead exemption.
www.wddcpa.com for your real estate investor tax preparation and accounting needs
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