CHANGES IN HOMESTEAD EXEMPTION LAW

One of the new laws in the recently-passed State of Ohio’s bud­get was the change in the home­stead exemp­tion law.

Before the change, per­sons 65 years old and older were allowed to take the home­stead exemp­tion on their real estate taxes, regard­less of income.

The aver­age sav­ings for a 65-year-old home­owner on his/her prop­erty through the home­stead exemp­tion was about $400 a year.

The new law states that only per­sons with an adjusted gross income of $30,000 or less will be able to claim the home­stead exemp­tion.

The new law takes effect in 2014.