What is a property tax exemption?

A property tax exemption refers to a reduction in the amount of property tax owed. When certain criteria are met, individuals or entities may qualify for exemptions that lower their taxable property value, thus decreasing the overall tax burden. These exemptions can be based on various factors, such as the property owner’s status, the property’s use, or specific programs aimed at aiding certain populations, such as veterans or low-income families. This mechanism allows eligible applicants to benefit financially, making it essential for them to understand the potential savings they might receive while paying property taxes.