For those who enroll and qualify, the Homestead Exemption protects the first $25,000 of a property’s value from taxation. In other words, an eligible owner of a home valued at $100,000 would be billed as if the home were valued at $75,000.
In Montgomery County, this results in property owners saving hundreds of dollars each on their property taxes annually.
Under the current law, only homeowners whose modified adjusted gross household income is $36,100 or less are eligible for the exemption.
Disabled veterans may be eligible for additional benefits, such as a property tax exemption of $50,000 on their primary residence if the veteran is 100% disabled as a result of their service.
“We want to encourage homeowners to apply for this valuable tax break if they believe they might be eligible,” said Montgomery County Auditor Karl Keith.
The Ohio legislature passed a bill that would expand the Homestead Exemption if signed by Ohio Gov. Mike DeWine. The bill was introduced by State Rep. Thomas Hall, R-Madison Twp., in response to a historic rise in property values.
Residential property values are increasing an average of 34% in Montgomery County and 30% in Greene County following recent triennial reviews, which are mandated by the Ohio Department of Taxation.
Homeowners are required to have owned and occupied their residence on Jan. 1 this year to be eligible for this year’s tax credit and must be at least 65 years of age by Dec. 31. Homeowners already receiving the benefit do not need to re-apply.
Montgomery County homeowners can apply for the exemption online at www.mcauditor.org/homestead, or a form can be printed from the website and mailed to the auditor’s office.
Keith said homeowners who are unsure if they meet the requirements for the Homestead Exemption should call his Homestead Hotline at 937-225-4341 for assistance.
In Greene County, residents can call 937-562-5622 with questions regarding their eligibility for the exemption and more.
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