What are the different types of property tax exemptions (e.g. homestead, senior citizen)?
Property tax exemptions are reductions in the value of a property that are used to calculate property taxes. There are several types of property tax exemptions, including:
Homestead exemption: A homestead exemption is a property tax exemption that is available to homeowners who use their property as their primary residence. It typically provides a reduction in the value of the property that is used to calculate property taxes.
Senior citizen exemption: A senior citizen exemption is a property tax exemption that is available to senior citizens who meet certain age and income requirements. It typically provides a reduction in the value of the property that is used to calculate property taxes.
Disability exemption: A disability exemption is a property tax exemption that is available to individuals who are permanently and totally disabled. It typically provides a reduction in the value of the property that is used to calculate property taxes.
Veteran exemption: A veteran exemption is a property tax exemption that is available to veterans who meet certain service requirements. It typically provides a reduction in the value of the property that is used to calculate property taxes.
Agricultural exemption: An agricultural exemption is a property tax exemption that is available to landowners who use their property for agricultural purposes, such as farming or ranching. It typically provides a reduction in the value of the property that is used to calculate property taxes.
The specific property tax exemptions that are available will depend on the jurisdiction where the property is located. It's a good idea to familiarize yourself with the property tax exemptions that are available in your area to understand how they may apply to your property.