Ohio Real Estate Tax Laws

Unfortunately, taxes are a part of life, especially if you live and work in the United States. In Ohio, property is categorized as "Real" property or "Personal" property. This is a little misleading as personal property does not actually involve any real estate. For real estate property, the tax laws that are pertinent are the real property tax laws. It might be interesting to know that real property tax is the oldest tax in Ohio, which has been in existence since 1825.

Ad Valorem

Ohio tax on real property is "ad valorem," meaning that it is based on the value of the property. There is a uniform standard used to tax on real property in Ohio. However, there are several government-sponsored reductions and credits to lighten the tax load. Since 1971, there has been a 10 percent reduction on all taxpayer's property tax bill although this was slightly modified in 2005 to apply to only real estate owned for non-business purposes. In addition to this, there is a 2.5 percent reduction on property tax for a homestead (a home, plus up to one acre of land) occupied by the homeowner.

Homestead Exemption

There is a homestead exemption on real property tax that is applied according to age and income. In Ohio, if a homeowner is over 65 years of age, permanently and completely disabled, or the spouse of a deceased individual that was eligible and at least 59 years old, he or she is exempted from property tax. Furthermore, depending on the income of the household, the taxable value of the property tax can be reduced. For instance, if the total yearly income is $13,400 or less, there is a $5,500 or a 75 percent reduction on the taxable value of the property.

Agricultural Land

There is a special provision for land used for agricultural purposes. Under Ohio's property tax law, land used exclusively for commercial agricultural purposes may be valued based on its current use rather than its potential use. What this means is that even if a land may be valued quite high, because of its location or other factors, its taxable value would actually be based on what it is currently producing as a commercial agricultural land. However, such land must meet some requirements to be taxed under this provision. Either 10 acres or more of the land has been used for commercial agricultural for the last three years or the land has produced an average yearly income of at least $2,500 for the last three years.

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