What is an exemption from property taxes?

Property tax exemptions are a way for the Washington state government to provide relief to homeowners on the amount of property taxes they pay. Exemptions reduce the assessed value of a property, which in turn reduces the amount of property taxes the owner has to pay. The most prominent property tax exemption in Washington is the Homestead Exemption. This exemption applies to the residence of a qualified homeowner, regardless of whether the property is owner-occupied or rented out. The Homestead Exemption can reduce the assessed value of the property by up to $20,000, resulting in a lower property tax bill. In addition to the Homestead Exemption, Washington also offers a number of other property tax exemptions for certain groups. For example, disabled veterans and their spouses are eligible for a property tax exemption of up to $40,000, depending on their level of service-related disability. Non-profit organizations such as religious organizations, schools, and social service organizations are also exempt from paying property taxes. Finally, Washington offers a Limited Income Exemption which is designed to provide property tax relief to low-income households. To be eligible, the household must meet certain income criteria and also own and occupy the property in question. The amount of relief is determined by multiplying the assessed value of the property by a percentage provided by the state. Overall, property tax exemptions are a way for the Washington state government to provide relief to homeowners on the amount of property taxes they pay. Understanding the types of exemptions available and how they can be used to reduce property taxes can help homeowners save money.

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What is an exemption from property taxes?

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