The deadline to apply for the Homestead Exemption for both new applicants and late applicants is Monday, June 2, 2014. According to Marion County Auditor, Joan Kasotis, an income restriction imposed by state lawmakers last year will limit who is eligible for the Homestead Exemption credit in the future.
New rules governing the program will impact eligible homeowners in one of three ways depending on their status—whether the homeowner is a new applicant, a late applicant or a past recipient.
If you are a new applicant – meaning that you own your home and will turn 65 years old in 2014 or become permanently and totally disabled, you will now be subject to an income test to qualify for the program. The new rules require applicants to have an Ohio Adjusted Gross Income of $30,500 or less to be eligible.
The Auditor indicated that late applicants, homeowners who qualified for the Homestead Exemption last year but failed to enroll, can file in 2014 as a late applicant and will not have to meet the income test. The deadline for filling is June 2, 2014.
Kasotis also stated that past recipients who received this exemption for 2013 will continue to qualify for this exemption under the old rules. Current recipients do not need to re-apply and will not be subject to the income test, even if they sell their current residence and purchase a new home in the future.
This exemption, which is a credit on property taxes, allows qualifying homeowners to exempt $25,000 of the market value of their home from all local property taxes. For example, a home with a market value of $100,000 would be billed as if it was worth $75,000.
The potential savings range is from $259.00 to $442.00 annually, depending on the taxing district. Local governments, including schools, are fully reimbursed from the State.
Applications are available by calling the Auditor’s Office at 740-223-4020 or can be downloaded from the Auditor’s website at www.co.marion.oh.us/auditor.
About Marion Online News
