All homeowners must account for regular expenses above and beyond their mortgage payments, and one of the most reliable of these is property taxes. But did you know there are ways to save on your property tax bill?
For this posting we’re focusing primarily on the Ohio Owner/Occupied Tax Reduction which is a benefit available to homeowners in Ohio. The Ohio Owner/Occupied Tax Reduction benefits homeowners by providing a 2.5% discount on their property taxes from qualified levies. This reduction applies to only one home per homeowner or spouse unless they can prove separate domiciles. Homeowners must apply through their local county auditor to receive the benefit, as it is not automatic. To qualify, the property must be the primary residence as of January 1st of the tax year for which the application is submitted.
To take advantage of this benefit, download an application here and file with your specific Ohio county auditor’s office. This tax reduction not only provides financial relief but also encourages homeowners to stay informed about other potential savings opportunities.
For additional information on other states, the National Association of Counties provides a listing of property tax exemptions by state. Some exemptions relate to the property owner while others to the property itself, contact your local county and state auditor for more information.
Homeowner Exemptions
- Disabilities: Numerous states provide exemptions for homeowners with disabilities, The eligibility typically depends on the disability determination made by a U.S. government agency.
- Income-Based: Certain states and local areas provide property tax exemptions for individuals who meet specific poverty guidelines or income criteria.
- Military Service: Active military personnel and veterans may qualify for tax exemptions, with specific details differing significantly from state to state.
- Senior Citizens: In certain states, senior citizens may be exempt from paying property taxes. The qualifying age for this exemption varies by state.
- Widows and Widowers: Homeowners who have experienced the loss of a spouse might qualify for a partial property tax credit or exemption, depending on the regulations in their state.
Exemptions Based on Property Type
- Agricultural Use: While this may not pertain to a residence, it could be relevant for the property taxes levied on land you own. If you utilize your land for farming or agricultural activities, check to see if you qualify.
- Government Property: Properties that are owned by federal, state or local governments are typically exempt from property taxes.
- Homestead: If you’re paying property tax on your primary residence, you might qualify for a homestead exemption which can reduce a portion of your home’s assessed value. While this exemption is commonly available for seniors, it may also extend to veterans, individuals with disabilities, and other specific groups in certain states.
- Religious and Not for Profit Organizations: If a religious or not for profit group owns the property, its locality may exempt them from paying property tax.
Talk with your County Auditor’s Office
If you’re not familiar with the property tax reductions and exemptions that could potentially lower your property tax bill, take a moment to learn about and apply for reductions that may be available in your state. Your action can result in significant savings and a more manageable property tax bill in 2025 and the years to come.
