The homestead exemption allows qualifying homeowners to exempt up to what value from local property taxes?

The homestead exemption permits qualifying homeowners to exempt a specific value of their property's assessed value from local property taxes. In Ohio, this exemption can provide significant financial relief by reducing the tax burden on eligible properties. The exemption amount allows homeowners to deduct $25,000 off the market value of their home when calculating their property taxes. This means that if a homeowner's property is valued at $100,000, for tax purposes, it would only be considered to be $75,000 after applying the homestead exemption. This exemption is particularly beneficial for seniors, disabled individuals, and certain other qualifying homeowners, as it can help make housing more affordable and provide financial assistance in maintaining homeownership.