What properties qualify for exemption or reduction of taxes?
There are several classifications of “exempt” and “use value” property which are taxed at a deferred rate until they are sold or no longer qualify for exempt or use value status (at which time the owner will be statement the deferred tax amount for the current year and the 3 prior years). Property can be exempt if it is used for educational, charitable or religious purposes. Property that is historical or used for farm or forestry purposes may qualify for the use value program. A property retains its historical status until destroyed; exempt and use value property will be reviewed every 4 years to see if it still meets the necessary requirements. Companies who are taking measures to reduce air or water pollution or solid waste are eligible for a reduction of taxes. An AV-12 application must be filled out every year to receive this reduction.
