Principle of Homeownership 

Homeownership is considered a cornerstone of the American dream, providing a pathway to financial prosperity and wealth building through equity.  Homeownership fosters community and personal stability by encouraging civic engagement and providing secure environments for families. 

Defining a Homestead Property Tax Exemption 

A homestead property tax exemption reduces the taxable value of a homeowner’s property and the homeowner does not have to pay any tax on the exempted amount. 

B. homestead property tax exemption may only be claimed on a property if the homeowner has a qualified ownership interest in the property and uses the property as their primary residence. As an individual can only have a single primary residence, they can only claim one residence homestead property tax exemption in a tax year. 

Creating and Increasing Residence Homestead Property Tax Exemptions 

If a residence homestead exemption is currently in place, the amount of the exemption can be increased. An exemption can be created if one doesn’t currently exist. 

Homestead Property Tax Exemptions for Taxpayers Who Are Disabled or Over Age 65 

An adult who is disabled or over the age of 65 can be entitled to a larger property tax exemption on their primary residence, which provides additional homestead property tax savings to populations living on fixed incomes.