Homestead Exemption & Property Tax Rollbacks
Property Tax Rollbacks and Homestead Exemption are forms of property tax relief. Every residential property owner is eligible to receive the 10% and 2 1/2% rollbacks. These became effective more than 30 years ago with the enactment of the State Income Tax. For levies passed prior to November 2013, residential and agricultural property owners receive a 10% rollback. Also the owner-occupied credit, 2 1/2% rollback is applied to residential property tax calculations. The 2 1/2% rollback requires an application. For levies passed after November 2013 that include an increase in funding, these two rollbacks are not afforded to the property owner.
Senior citizens and the permanently disabled are eligible to receive a Homestead Exemption (reduction in real estate taxes). As of 1/1/2014, the Homestead Exemption requires a means test. Property owners who qualify due to age/disability are still subject to an income test. Because of this, re-application is required annually.
The Auditors Office (937-645-3003) can answer all questions concerning all of these tax reduction programs.