Property Tax Exemption

Property tax exemption refers to a legal provision that reduces or eliminates the amount of property tax that a property owner must pay. This can apply to certain types of properties or property owners, such as veterans, seniors, non-profit organizations, or properties used for specific public purposes. When an exemption is granted, it lowers the property's taxable value, resulting in reduced tax liability. Essentially, it’s a way for governments to provide financial relief to qualifying individuals or entities by easing their burden of local taxes. These exemptions vary by state and local laws.