Watch Out For Homestead Tax Reduction!

The state of Ohio has expanded the Homestead Exemption program to reduce property taxes for all qualifying senior citizens and permanently disabled homeowners, who are at least 65 years of age.

What does this mean to you, the home buyer?

When you're planning to make an offer on a property and you're determining what your monthly payment will be, you need to make sure that the property taxes that are being quoted on the Multiple Listing Service information sheet don't include the Homestead Exemption as a credit. Unless you're 65 or older, you won't be getting that credit and your tax bill will be higher.

So you or your Realtor can check the county auditor's web site and review the property's tax bill to see whether or not there's a Homestead Exemption amount listed on it.

For example, if the semi-annual tax amount is $1,200, but there's a $200 Homestead Exemption credit, that means if you're under 65 years of age, you'd be paying $1,400 every six months instead of the $1,200. That's an extra $33.33 per month you'd be paying.

So don't get a surprise at the closing table or when your tax bill comes out with a higher amount than you thought!

At your service,

Dan

What questions do you have? I'll gladly answer them at: dan@danweis.com.

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I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com