Homesteading

Discussion in 'Homesteading Questions' started by Myladysu, Aug 14, 2005.

  1. Myladysu

    Myladysu New Member

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    Several people have mentioned to me about utilizing the Homestead Act for your property, I am in Ohio, and I have 5 acres and have know idea what this means to Homestead your property. Can anyone explain or help me out here.
    Does it save you money on taxes or what!!! Thanks

    I am having a snapdragon day, my mind snapped and everything else is draggen. :bow:
     
  2. uncle Will in In.

    uncle Will in In. Well-Known Member Supporter

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    I can't say about Ohio, but Indiana has homestead exemptions on our property taxes. It is a dicsount on the taxes on the home you live in. If you own more propertys than the one where you live, they don't qualify. We first had to file a claim for this at the county treasurers office.
     

  3. Shrek

    Shrek Singletree Moderator Staff Member Supporter

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    Homestead exemption can often decrease the property tax on your primary residence by up to 30% depending on which tate you live in.
     
  4. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    Here in KAnsas, there are income restrictions. I don't know about in your state.
     
  5. GrannyG

    GrannyG Well-Known Member

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    By homesteading,you can save money on your taxes. I believe our amount is about $5000 and it used to protect you from having someone take your land away for money owed, you would be able to at least save your home, but now the law has changed and you can borrow against it and loose it.You should definitely look into it.
     
  6. edcopp

    edcopp Well-Known Member

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    Homestead act in Ohio will get you a 10% reduction in your property taxes, on the property that you live in (your homestead). Provided that you are age 60 or older. Visit the county auditor in your county court house to get this done.
     
  7. greyhound girl

    greyhound girl Well-Known Member

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    Ed - I thought you had to be 65 to get that tax reduction??? (in Ohio)