What is a homestead exemption?

A homestead exemption is an exemption of a portion of the assessed value of residential property from taxation applied to the homeowner’s primary residence. In Virginia, the homestead exemption applies to the first $20,000 of assessed value of a Virginia homeowner’s primary residence. This means that Virginia homeowners whose residences have an assessed value lower than $20,000 will pay no property taxes. Homeowners with residence assessed values greater than the exemption amount will receive a partial reduction in their property tax bill. The homestead exemption in Virginia is available to all residents, regardless of income. The exemption applies to all local, state, and federal taxes, including school taxes. Homeowners are also eligible for additional exemptions if they own a farm, are disabled, or are 62 or older. Homeowners must apply for the exemption annually with their local government; however, if a new owners qualifies, the exemption is automatically applied in subsequent years.

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What is a homestead exemption?

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