Exemption—Homes
The home exemption reduces the taxable value of an owner‑occupied principal residence by $120,000, or $160,000 if the owner is 65 or older, and the exemption applies only to property owned and occupied as the owner’s primary home. Only one exemption is allowed per taxpayer; portions used for commercial purposes do not qualify.
*Effective July 1, 2027, the home exemption amounts change to $140,000, or $180,000 if the owner is 65 or older.
