How do homestead exemptions work?

Homestead exemptions are a type of tax exemption available to homeowners in the state of Virginia. These exemptions are designed to reduce the amount of property taxes due on a home. The amount of the exemption varies depending on the county, but it typically covers 50 percent of the first $20,000 of assessed value. In order to qualify for a homestead exemption, you must be the owner of a single-family home used as a primary residence. Furthermore, you must have owned and occupied the home for six months prior to the date of application. You must file an application for the exemption in the county in which you live or the county where you are paying property taxes. Once approved for the exemption, the assessed value of the property will be reduced by the amount of the exemption. This will result in lower property taxes for the homeowner. In addition, homestead exemptions are generally renewed every year. The homeowner must reapply each year in order to maintain the exemption. Homestead exemption is an important option for homeowners in Virginia. It helps to reduce the amount of property tax due on a home, resulting in significant savings for homeowners.

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How do homestead exemptions work?

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