Ohio Homestead Laws
State homestead laws allows property owners to register a small parcel of their domicile as a "homestead," which can ease some of the pressure on homeowners who find themselves in dire economic situations. These laws are intended to prevent homelessness in certain situations. Ohio homestead laws allow up to $25,000 worth of a person's property to be declared a homestead and exempted from property taxes.
Generally, state homestead protection laws help struggling homeowners in the following three ways:
- They prevent forced sales of one's home as a means to pay off creditors.
- They allow a surviving spouse to have shelter.
- They provide exemptions from property taxes applied to the home.
In Ohio, for example, a homeowner with a home valued at $100,000 may deduct up to $25,000 as a homestead, which means they would only have to pay property tax on $75,000 worth of the property. This translates into an average annual savings of $400.
In order to be considered a "homestead," the property must be the owner's primary residence. In other words, this exemption cannot be applied to a vacation home or second house.
Typically, this exemption is sought out by those in bankruptcy and/or facing foreclosure. But Ohio also extends homestead protections to homeowners who are senior citizens (over 65), disabled persons, or surviving spouses. Fill out Form DTE 105A (PDF) and file it with the county auditor (in the county where the property resides) if you would like to apply.
Learn more about Ohio homestead laws in the chart below, with links to additional resources.
|Max. Property Value That May Be Designated 'Homestead'||$25,000|
|Maximum Acreage (Urban)||-|
|Maximum Acreage (Rural)||-|
Note: State laws are constantly changing -- contact an Ohio real estate attorney or conduct your own legal research to verify the state law(s) you are researching.
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Ohio Homestead Laws: Related Resources