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Monday, July 29, 2013

2014 Ohio Homestead Exemption Income Limit

Since 2007, the Ohio homestead exemption has reduced property taxes for all Ohio homeowners 65 or older, regardless of their income.  The average savings per homeowner has been estimated to be about $400 per year, though the tax break varied based on local community rates.

However, in 2014, the Ohio homestead exemption will have an income limit of $30,000.  Tax-law Changes to Squeeze Seniors, indicates 
[t]he new income limit likely will bring  a dramatic drop in the number of Ohioans who qualify. In 2006, when the $26,200 income limit was in place, there were only 1,094 new qualifiers in Franklin County.  A year later, after [the income limit was eliminated], there were 37,000 new qualifiers in the county.
It is likely that seniors already receiving the homestead exemption when the new law takes effect on January 1, 2014 will continue to receive their tax break regardless of their income.

This means that Ohio seniors who owned and occupied their home as their primary residence as of January 1, 2013 and are 65, or turn 65 by December 31, 2013 should file a homestead exemption Application for 2013 or the prior year (2012) with their county Auditor by Tuesday, December 31, 2013. Failing to file by the end of this year could result in ineligibility due to the 2014 income cap of $30,000.

Franklin County residents may file a homestead exemption by calling the Franklin County Auditor at (614) 525-3240, visiting the office at 373 S. High St., 21st Floor, downloading a hard copy of the Ohio homestead exemption application, or filing the Ohio homestead application electronically. For more information, visit the Franklin County Auditor's Homestead Information page.

Golowin Legal provides Estate and Medicaid planning services to clients in the Central Ohio area.  If you are a senior concerned with protecting your home should you require care in an assisted living facility or nursing home, call us today at (614) 453-5208 to schedule an analysis meeting.  In most cases, planning can be done to protect a majority of your assets. Visit our website for more information on Medicaid planning in Columbus, Ohio.