One of the new laws in the recently-passed State of Ohio’s budget was the change in the homestead exemption law.
Before the change, persons 65 years old and older were allowed to take the homestead exemption on their real estate taxes, regardless of income.
The average savings for a 65-year-old homeowner on his/her property through the homestead exemption was about $400 a year.
The new law states that only persons with an adjusted gross income of $30,000 or less will be able to claim the homestead exemption.
The new law takes effect in 2014.