Homestead exemption
A reduction for the home you actually live in.
The most common exemption. It applies to an owner's primary residence and typically reduces taxable value by a fixed amount or a percentage.
It usually requires that the property be your principal residence on a particular date, and many states require an application once, after which it renews automatically — but not everywhere, and not after every change of ownership.
Worth checking after buying a home. A new owner inheriting the previous owner's exemption status is a common cause of both unexpected bills and missed savings.
Related
- Exemption — A reduction you qualify for by status — and often have to claim yourself.
- Assessed value — The figure your county uses to calculate your tax — not what your house is worth.
Property tax is state law and the details differ. For what applies where you live, see coverage by state and your appeal deadline.