The exemption reduces the actual taxable value of qualified residential property by 50 percent of the 1st $200,000 of taxable value. The state is responsible for reimbursing the County Treasurer for the lost revenue. Once approved, the exemption remains in place until there is a change in ownership.
An applicant or married couple can apply for the exemption on only one property. That property must be his or her primary residence. Married couples and individuals who apply for the exemption on multiple properties will be denied the exemption on all properties. The application deadline for the Senior Exemption is July 15.