Property tax exemptions can offer significant savings for homeowners. Here’s an overview of the most common exemptions available to residential property owners:
1. Residential Homestead Exemption
Homeowners can apply for this exemption on their primary residence, which reduces the appraised value of the property. This lowers the amount of property tax owed. In addition to the standard exemption, certain jurisdictions offer additional exemptions for disabled individuals or veterans.
2. Over-65 Exemption
Seniors aged 65 and older can benefit from an additional exemption on their primary residence. This exemption further reduces the taxable value of the property and can be combined with the residential homestead exemption for additional savings.
3. Disabled Person’s Exemption
Homeowners with disabilities may be eligible for an exemption that reduces the taxable value of their primary residence. This exemption is designed to ease the tax burden for those who meet specific criteria.
4. Veteran’s Exemption
Veterans with service-connected disabilities or who receive specific VA benefits may qualify for an exemption on their primary residence. This exemption can extend to surviving spouses of disabled veterans in certain cases.
This list covers some of the more common exemptions available to residential property owners. However, it’s important to recognize that additional exemptions or special provisions may be available depending on your specific situation. If you’re unsure whether you qualify for any exemptions, or if you need assistance navigating the process, the Property Tax Group is here to help.
Navigating the Protest Cycle
If you feel that your property has been overvalued, you can protest the appraisal. Our team can help guide you through the protest process and ensure that all exemptions are properly applied. Contact us to discuss your options and ensure you’re receiving the full benefit of available exemptions.
