Ohio Homestead Exemption – Update

In my last post I talked about Ohio’ newly revised homestead exemption. Hillary provided an update today regarding when an applicant is eligible for the exemption when their home is owned by a trust or when the applicant merely owns a life estate:

If a residence is held in a revocable trust, the resident should be eligible for the exemption.

If a resident owns a life estate grated by a deed, the resident will be eligible for the homestead exemption.

However, if the residence is owned by an irrevocable trust, the resident is not eligible for the homestead exemption under Ohio law, according to the Summit County Treasurer’s office.

The actual tax savings attained by the homestead exemption varies according to where the residence is located, but is generally around $500 per year.

Thanks Hillary!

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