[coin_c777]

I moved to Ohio in March of this year and purchased a small home for $33,000. I lived in California for 5 years prior to moving to Ohio. What state homested exemptions will the Bankruptcy Court allow me to use?

[twinkiedooter]

The Ohio Homestead Exemptions have nothing to do with Bankruptcy Court allowances. It does have something to do with your yearly taxes on the home. You may or may not qualify for the homestead exemption in Ohio.

Homestead Exemption is a statewide program that allows qualifying Ohio homeowners to shield $25,000 of the market value of their homes from property taxes. This is an additional reduction in real estate and manufactured home taxes beyond any other property tax deductions and rollbacks an individual may already be getting.

Eligible homeowners live in their homes as their primary residences and must fit into at least one of the following categories:

At least 65 years old (or will turn 65 in the current calendar year), or
Certified totally and permanently disabled as of Jan. 1, 2007, or
The surviving spouse of a qualified homeowner who was at least 59 years old on the date of their spouse's death.
Effective July 1, 2007, there is no income requirement for eligibility. All Ohioans who meet the above guidelines qualify for the exemption - approximately 775,000 people.

The amount of savings will vary from community to community based on local tax rates, but should average about $400 per newly qualifying homeowner.

For more information, visit tax.ohio.gov or contact the office of your county auditor.