What Is Homestead Exemption?
Homestead Exemption: A reduction in property taxes on your primary home, available in many states.
A homestead exemption reduces the taxable value of your primary residence, which lowers your property taxes. Many states and counties offer one, often with extra exemptions for seniors, veterans and people with disabilities.
How to get it
Apply with your county assessor or appraisal district after you close. Deadlines vary. Some areas require you to own and live in the home by January 1 of the tax year.
Why it matters
The seller's tax bill may include their exemption. When you buy, your bill can go up until you file your own.
Good to know
Some states also cap how much the assessed value of a homestead can rise each year.