Under Ohio's Homestead Exemption program, all of the following individuals would qualify for the exemption EXCEPT:
Correct Answer
D) A 66-year-old homeowner with household income of $38,000 who rents out half the home
Ohio's Homestead Exemption requires the property to be the applicant's principal place of residence. While renting out a portion does not automatically disqualify, the exemption applies only to the owner-occupied portion. However, a homeowner who rents out a significant portion may not meet the occupancy requirements, and the income from rent combined with other income may push them over the income threshold. More critically, the property must be used primarily as the owner's home, and renting out half raises qualification issues.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Oh Property Tax Assessment Question
Background Knowledge for Oh Property Tax Assessment
Real World Application in Oh Property Tax Assessment
Common Mistakes to Avoid on Oh Property Tax Assessment Questions
Related Topics & Key Terms
Key Terms:
More Oh Property Tax Assessment Questions
An Ohio property closes on September 15. The annual tax is $7,200 (paid semi-annually: first half covers Jan-Jun, second half covers Jul-Dec). The seller has NOT yet paid the second-half installment due in July. Using a 365-day year, how should the tax proration appear on the settlement statement?
A married couple in Ohio is refinancing their mortgage. The new lender requires the couple to add the property to a living trust they have created. This transfer from the couple to their own living trust requires:
In Ohio, all of the following are accurate statements about property tax lien certificates EXCEPT:
An Ohio county has total assessed property value of $2 billion. A school district with $800 million in assessed value passes a 5-mill operating levy. After HB 920 adjustments in a subsequent year, property values in the district increase by 20%. What is the new effective millage rate on this levy?
A rental property investor in Ohio owns a multi-unit apartment building. Regarding property tax credits, which statement is MOST accurate about this property?
- → An Ohio property sells for $500. Under Ohio's conveyance fee structure, what fee would be charged?
- → David builds a new addition to his home in Medina County, Ohio. The addition increases his home's market value by $60,000. When will this new construction be reflected in his property tax assessment?
- → A city in Ohio wants to incentivize development of a blighted downtown area. The city establishes a Tax Increment Financing (TIF) district. Under Ohio's TIF rules, which statement is MOST accurate?
- → In Ohio, property taxes fund various local services. Which of the following receives the LARGEST share of property tax revenue in most Ohio communities?
- → In Ohio, the term 'ad valorem' in the context of property taxes means:
- → Sarah is purchasing a home in Ohio and asks her agent about property taxes. In Ohio, property taxes are paid:
- → In Ohio, the reappraisal of all real property on a full sexennial cycle means properties are fully reappraised every:
- → In Ohio, which governing body has the authority to place a property tax levy on the ballot for voter approval?
- → The Ohio Tax Commissioner orders a countywide reappraisal in Butler County because the County Auditor's prior reappraisal did not meet state standards. Under Ohio law, which statement about this situation is correct?
- → An Ohio property has a market value of $400,000. The inside (unvoted) millage is 10 mills and the total voted millage is 85 mills, for a total of 95 mills. Due to Ohio's tax reduction factors (House Bill 920), the effective rate on the voted millage is reduced to 68 mills. What is the owner's total annual property tax?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam
Previous Question
In Ohio, the sexennial reappraisal of all real property is conducted by which entity?
Next Question
An Ohio township places a 5-year, 3-mill road improvement levy on the ballot. The levy passes. Under House Bill 920, what happens to the effective tax rate of this levy when property values increase at the next triennial update?