Monday, January 28, 2013

Homestead Property Tax Exemptions--in Ohio, and Other Places

"Homestead" exemptions are exemptions on the value of a home to shield the homeowner fromtaxation, or to shield the home from creditors in case of bankruptcy.

In Ohio, the homestead exemption on property taxes are available to everybody over 65, or totally disabled, or the surviving spouse of a qualified homeowner who was at least 59 at the date of their spouse's death.  It shields $25,000 of the market value of the home from property taxes. At one time, there was an upper income limit for eligibility, but that was repealed several years ago.  And while this is a statewide law, you have to apply for the homestead exemption at your county auditor's office.

In Florida, there is a homestead exemption of up to $50,000 for which Floridians may be eligible if it's your permanent residence.  There are also exemptions for the disabled, blind, widows and widowers, and disabled veterans--all the links are on this page.

In Texas, those over 65, disabled, or a partially or totally disabled veteran may also qualify for an exemption on their principle residence.  More detailed information on Texas property tax exemptions here.

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