Friday, January 4, 2013

+65 Homeowners: Are you paying too much on your taxes?

If you're age 65 or over and own your home, you may be in line for some savings on your homeowner taxes.The Homestead Exemptions provides a tax credit on the first $25,000 of market value of your home.
According to Cuyahoga County’s website, qualified Ohio homeowners who take advantage of the Homestead Exemption should save an average of about $400 per year. And before you say, "I probably don't qualify" please read this . . .

Who is eligible for the Homestead Exemption?

To qualify for the Homestead you must:

-       be at least 65 years old during the year for which you first file, or be permanently and totally disabled;

-       own and occupy the home (or manufactured home) as of January 1st of the filing year as your principle place of residence.

There are no income limits.
Let me repeat that  . . . there are no income-related limits or requirements. Any homeowner age 65 and older living in the home whose name is on the deed is eligible. Changes in the tax laws in 2007 eliminated all income guidelines.

When do you file for the Homestead Exemption?
Applications for the Homestead program are processed by the County Auditor's Office and may be filed beginning the first Monday in January.

Complete details are available through your County Auditors office or their website. For more information and guidelines for the Homestead Exemption, call your local County Auditor’s Office:
Cuyahoga County             216-443-7010

Western Lake County       440- 918-2532

Painesville                        440-350-2536
Madison                            440-428-4348

Ashtabula                         440- 576-3793

Geauga                             440-285-2222


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