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Governor Strickland and the Ohio General Assembly included in the recently enacted State budget a new tax break for seniors and disabled citizens. Unlike the former Homestead Exemption, this new plan does not include an income ceiling. The new plan allows homeowners age 65 or older, or permanently and totally disabled, or surviving spouses aged 59 to 64 of persons who apply and qualify for the tax reduction to receive the exemption. This new exemption will begin in tax year 2007 (the current year) for real property homeowners. For manufactured homes, it will apply beginning in tax year 2008. For purposes of the new exemption, $25,000 is subtracted from the market value of the home. The tax rates that apply to the property would be calculated on the lower value resulting in a tax reduction. Participants in the old Homestead Exemption program would receive the greater of the tax relief for tax year 2006 under the old program, or the level provided by the new one. Note: Homeowners who currently receive the Homestead Exemption will automatically qualify for the expanded exemption and do not have to reapply. Homeowners must apply through their county auditor’s office for the new exemption. The application deadline for receiving the exemption for 2007 is October 1sst. In future years, the deadline will revert back to the first Monday in June, the same as the old Homestead Exemption. Seniors and disabled citizens who own their homes are urged to apply. The new exemption will apply to current levies and any passed in the future. This new exemption has the effect of reducing the property tax burden for homeowners who qualify. The Ohio Department of Taxation has prepared a flier with information about the new exemption and who to contact with questions. You can request a copy of the flier by calling 1-800-282-1780 or access a copy of the flier at the following web address: http://tax.ohio.gov/divisions/communications/documents/homestead_internet.pdf
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