Property that is homesteaded is eligible to receive the Homestead Market Value Exclusion. The Homestead Market Value Exclusion causes the amount of value that is taxable to be reduced by excluding a portion of a property's estimated market value.
The following documents provide detailed information about how the Homestead Market Value Exclusion is administered and calculated.
Homestead Market Value Exclusion Bulletin and Calculation Examples
Market Value Exclusions: A Primer for Local Governments
Understanding Recent Changes in Homestead Benefits: A Guide for Taxpayers
