What Is Homestead Exemption?
A homestead exemption reduces the taxable assessed value of a property that serves as the owner's primary residence, lowering the annual property tax bill.
Why it matters
Eligibility rules and savings amounts vary by state and county — check with your local tax assessor to see if you qualify and how to apply, since it usually isn't automatic.
Related Terms
More Owning Terms
This definition is provided for general educational purposes and is not financial, legal, tax, or real estate advice. Verify important decisions with appropriately qualified professionals.
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