Homestead Exemption For Ohio In Cook
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FAQ
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.
Here's how a homestead exemption can translate to savings. A homestead valued at $400,000, taxed at 1%, is eligible for an exemption of $50,000. The property's taxable value will be $350,000, and the tax bill $3,500. Without the exemption, the property tax bill would be $4,000.
The Owner Occupancy Credit is a program in the state of Ohio that allows property owners who live in their property to receive a 2.5% reduction credit on qualified levies and property taxes for their primary residence.
Because of a change in state law, beginning in calendar 2014, homestead exemption applicants will be subject to an income means test. The limit for tax year 2020 (payable 2021) is $33,600 (Ohio adjusted gross income - line 3 on tax return). For 2021 (payable 2022) the limit is $34,200.
Must not have a total household income over $38,600/year if applying in 2024, or $40,000/year if applying in 2025, which includes the Ohio adjusted gross income of the owner and the owner's spouse.
Ohio's Homestead Exemption protects the first $25,000 of your home's value from taxation. For example, if your home is worth $100,000, you will be taxed as if the home were worth $75,000. On average, those who qualify for the exemption save $400 a year.
To apply, complete the application form (DTE 105A, Homestead Exemption Application Form for Senior Citizens, Disabled Persons, and Surviving Spouses), then file it with your local county auditor. The form is available on the Department of Taxation's website and is also available from county auditors.
Must not have a total household income over $38,600/year if applying in 2024, or $40,000/year if applying in 2025, which includes the Ohio adjusted gross income of the owner and the owner's spouse.
The Homeowner Exemption reduces the Equalized Assessed Value (EAV) of a property by $10,000.
To apply, complete the application form (DTE 105A, Homestead Exemption Application Form for Senior Citizens, Disabled Persons, and Surviving Spouses), then file it with your local county auditor. The form is available on the Department of Taxation's website and is also available from county auditors.
