What are homestead exemptions?
Homestead exemptions are state programs that either reduce or defer an increase in the equalized value of your property. The net effect of these exemptions is to lower the assessed valuation of your property, which affects the tax rate that is applied. IMPORTANT: The qualification requirements and application procedures for homestead exemption programs vary widely from state to state. It is absolutely essential that you check with your county and state government offices to find out if you qualify and what is required for the application. Generally, you must own the property and it must be used as your principal residence in order to qualify for any of these exemptions.
