What is a principal residence exemption?

A principal residence exemption is a legal exemption from paying taxes on a property in Delaware that an individual or family lives in as their primary residence. This means that the owner of the property does not need to pay taxes on the house annually, as they would for other types of real estate. The exemption, which is also sometimes referred to as a homestead exemption, is available to residents of Delaware who own a single-family home, a condominium, or a cooperative that they occupy as their primary residence. To be eligible for the exemption, the property must have been owned and used as the primary residence of the applicant on January 1 of the tax year in question. The exemption amount differs from county to county, but is typically anywhere from a few hundred to thousands of dollars which can go a long way in providing relief from real estate taxes for Delaware residents.

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