What are the different types of property tax exemptions?

In Virginia, there are several types of property tax exemptions that allow taxpayers to reduce their tax burden. Exemptions lower the assessed value of a property for tax purposes. The different types of exemptions include homestead exemptions, elderly exemptions, veteran exemptions, and disability exemptions. Homestead exemptions provide relief for individuals who own and occupy their own home. This exemption can reduce the taxable value of a home by up to $20,000. Elderly exemptions are available to individuals over the age of 65 who meet certain income requirements. This exemption can lower the taxable value of a property by up to $50,000. Veteran exemptions are available to individuals who are U.S. military veterans. This exemption reduces the taxable value of a home by up to $10,000. Disability exemptions are available to individuals with physical or mental disabilities that qualify them as disabled according to state or federal guidelines. This exemption reduces the taxable value of a home by up to $50,000. In addition to these exemptions, Virginia also allows certain properties to be tax exempt, such as churches, schools, and government-owned properties. It is important to note that each exemption has specific eligibility requirements that must be met in order to qualify.

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