Saturday, December 19, 2009

Do you know your homeowner deductions?

Time once again to remind homeowners of some important tax issues as we prepare for the new year.

Ohio Homestead exemption: This special allowance enables homeowners that are disabled or above 65 to exempt $25,000 of home value from property taxes. There are no income limits on this exemption. Additionally, ALL homeowners are eligible for a 2.5% tax deduction for their primary home (no second homes or investment property). You may want to check your county auditor's office if you believe you are not receiving this deduction for any reason.

Filings must be done between the first Monday of January and the first Monday of June of the targeted tax year. For more information on filing for the homestead exemption or an appeal of the 2.5% deduction, consult these county auditor websites:

Butler County re-evaluates property: Homeowners in Butler County may see some adjustments on their next tax bill. As promised, the county auditor has conducted a new assessment to account for the declining market since 2006. See the full news release for information.

Assessment Complaint Period: If you anticipate challenging the current assessment on your home, the period to do so is from January 1 through March 31. Check your county auditor site (see links above) for more information on the required process.

Homebuyer Tax Credit: The current tax credit requires homebuyers to be under contract by April 30th 2010 (with closing to occur by June 30th). Both first time and some existing homeowners are eligible for the credit. For full details on eligibility, see the Board of Realtors FAQ.

Energy improvement credits:
If you made efficiency improvements in your home during 2009, check to see if you are eligible for tax credits at the Energy Star website.

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