Homestead Act Ohio Age In Hillsborough
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Qualifications. At least one owner is 65 years of age or older on January 1. The residence must also receive homestead exemption.
Homeowners over the age of 65: Must not have a total household income over $38,600/year if applying in 2024, or $40,000 if applying in 2025, which includes the Ohio adjusted gross income of the owner and the owner's spouse. Must be age 65 by December 31 of the calendar year for which the exemption is sought.
The senior citizen credit offers a $50 credit per tax return. Seniors who have received a total, lump-sum distribution may be eligible for a one-time lump-sum distribution credit. Use the worksheet in the Ohio income tax instructions booklet to calculate your credit.
Must not have a total household income over $36,100/year for 2023, or $38,600/year for 2024. This amount is annually adjusted for inflation. If you were enrolled prior to tax year 2014 but do not meet the current income requirements, you are still eligible for the exemption.
Qualifying homeowners, including disabled veterans and seniors, can exempt up to $150,000 based on the value assessment of their home. Qualifying homeowners age 18 and older can exempt up to $400,000 in property value. Qualifying homeowners can get a property tax credit up to $425 in 2024.
Who qualifies for the Homestead Exemption? Homeowners over the age of 65: Must not have a total household income over $38,600/year if applying in 2024, or $40,000 if applying in 2025, which includes the Ohio adjusted gross income of the owner and the owner's spouse.
