What are property tax exemptions?

Property tax exemptionsA property tax exemption reduces your property tax assessment value by a specific dollar amount.

So it your property is assessed at $100,000 and you qualify for a $25,000 tax exemption, you will be taxed on $75,000 of value instead of $100,000.

Exemptions are not automatic, you usually need to apply for them.

States and localities have many different type of exemption categories, depending on your location.

Some of the typical exemptions are based on homestead, age, veteran status or disability reasons.

Check with your tax assessor’s office to see what exemptions are available and how to apply for them.

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