Senior citizens who are eligible for a reduction in their property taxes through the Ohio Homestead Exemption will now have to meet a minimum income requirement.
As a result to changes in the state budget plan and beginning in tax year 2014, residents 65 and older are eligible for the property tax reduction if they have a minimum yearly income of $30,000 and live solely in their home. Residents who are permanently and totally disabled are eligible as well.
The Homestead exemption allows qualifying homeowners to exempt $25,000 of the market value of their home from all local property taxes.
According to Mahoning County Auditor Michael Sciortino, the income requirement does not apply to residents who have already applied and are receiving the tax reduction. Only new applicants will be held to the new income requirements.
“Our goal, as always, is to make sure that anyone who qualifies for Homestead is aware of it and applies for it. We don’t want anyone missing out,” said Sciortino. “My staff and I will be available to help taxpayers through this new process.”
The application time period is closed for this year, however, homeowners who were eligible under the old law can apply for tax year 2013 between Jan. 7 and June 2, 2014.
Forms will be available on the auditor’s website beginning in January.