What are the common exemptions to property tax?

Property tax is an important source of revenue for local governments, and most states, including Washington, rely on it to fund schools, public safety, and other services. Washington law allows property owners to exempt certain types of property from property tax, making it easier to pay. Common property tax exemptions in Washington include owner-occupied residential property, public property owned by the state or local government, and certain agricultural land used for farming or timber production. Property owned by religious, charitable, or educational organizations may also be exempt if used for their respective purposes. Other exemptions may include historic or conservation-use property, business inventories, and new or used vehicles owned by a business. Property owners may need to fill out an application to receive certain exemptions, and each exemption comes with certain qualifications. For example, the residential property exemption requires that the owner occupies the home for at least six months out of the year. Exemptions may also have a limit on their value. In Washington, the maximum exemption amount for residential property is $25,000. Ultimately, property owners should contact their local assessor’s office to learn more about exemptions specific to their situation.

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What are the common exemptions to property tax?

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