The State of Ohio reimburses school districts and local governments for the amount of revenue taxpayers save through the homestead exemption.  Local governments and schools do not lose out.

You are eligible for the homestead exemption if all of the following are true:

• You created the trust to be effective during your lifetime (an inter vivos trust).

• You provided the assets for the trust (you are the settlor).

• You can terminate the trust at any time (it is a revocable trust).

• The trust agreement contains a provision that says you have complete possession of the property.  

Most of the other common forms of property ownership (such as survivorship deeds) also qualify for the exemption. Properties owned by corporations, partnerships, limited liability companies and trusts other than the trust described above are not eligible for the homestead exemption because such properties are not owned by an individual. If you have questions about what constitutes eligible home ownership for the homestead exemption, consult your county auditor.

No.  However, if your circumstances change and you no longer qualify for the homestead exemption, you must notify the county auditor by the first Monday in June.

Every January the county auditor will mail you a copy of the continuing application form (DTE 105B, Continuing Homestead Exemption Application Form for Senior Citizens, Disabled Persons, and Surviving Spouses). Please return this form to the auditor only if you no longer own the home, no longer occupy it as your primary place of residence or if your disability status has changed.

If you are claiming a physical disability, you must have the certificate on the back side of the application signed by a physician licensed to practice medicine in Ohio. If you are claiming a mental disability, you must have the certificate signed by a physician or psychologist licensed to practice in Ohio. In order to qualify for the homestead exemption, an owner's disability must be permanent and total and prevent the person from working at any substantial employment. You may also submit a current certificate from any state or federal agency that classifies you as disabled, as defined above.

The certificate is part of the application form, DTE 105A, Homestead Exemption Application Form for Senior Citizens, Disabled Persons, and Surviving Spouses.