Are you being pressured by creditors to sell your home in order to alleviate your debts? Would doing so leave you homeless with nowhere to go? Do you find that you are struggling to pay your property taxes after a spouse passes away? These are all problems that a homestead exemption can help you with.
A homestead exemption is a legal provision that allows senior citizens and permanently disabled Ohioans to reduce some of their property tax burden by allowing them to claim a reduced amount of property value when paying taxes. For example, say your home is worth $300,000, then a $50,000 exemption would allow you to claim and pay taxes on only $250,000 worth of your property value. This can save those who are financially strained hundreds or even thousands of dollars.
A homestead exemption can also protect you from creditors who are attempting to force you to sell your house to satisfy your debts. An exemption can protect you from a forced sale, but does not forgive or free you from the debt. Additionally, certain types of debt can still force the sale and are not affected by the homestead exemption.
Ohio only offers these exemptions to a few people: those who are 65 or older, or who have been declared totally and permanently disabled. Surviving spouses must be at least 59 years old on the date of the mortgage owner’s death to be able to receive the exemption at the time of the death. Additionally, these exemptions only apply for primary residences, not for vacation homes or investment properties.
At Rieser & Marx, LLC, we have been involved in over 25,000 asset protection matters, giving us an experienced edge to help you obtain a desirable outcome to your case. We strive to provide all of our clients with the highest levels of discretion and client service in order to handle their case efficiently and accurately.
Are you living on a limited income and being pressured by creditors? Do not hesitate to contact Rieser & Marx, LLC now!