Tom, a 68-year-old retired Ohio homeowner with a household income of $36,100, wants to apply for a property tax reduction. Which Ohio program is Tom MOST likely eligible for?
Correct Answer
D) Homestead Exemption
Ohio's Homestead Exemption (ORC §323.152) allows qualifying homeowners who are 65 or older or permanently and totally disabled, with income at or below the threshold, to exempt a portion of their home's value from property taxes. Tom meets both the age and income requirements.
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Previous Question
A homeowner in Summit County, Ohio has a property with a market value of $300,000. The local tax rate (millage) is 80 mills. Ohio assesses property at 35% of market value. What is the annual property tax before any credits or exemptions?
Next Question
Robert's Ohio property has a market value of $180,000. The County Auditor assesses it at 35% of market value. Robert qualifies for the Homestead Exemption, which exempts $25,000 of assessed value. If the local millage rate is 75 mills, what is Robert's annual property tax after the exemption?