What is a homestead tax exemption?
A. A homestead exemption reduces taxes by lowering a home’s taxable value. For example, if your $50,000 home qualifies for a $10,000 exemption, it is taxed as if it were worth $40,000. To qualify, you must own your home. You must occupy it as your principal residence on January 1. You may have only one principal residence, so you cannot have more than one homestead exemption.
