What is a principal residence exemption?

A principal residence exemption (PRE) is a legal term used in Virginia to describe a tax exemption given to homeowners who occupy their home as their primary residence. Under Virginia law, a home that is used as a principal residence by the owner may be exempt from certain taxes, including real property taxes. This exemption can help lower a homeowner’s tax bill and can make owning a home more affordable. To receive the principal residence exemption in Virginia, the homeowner must meet certain criteria. The residence must be the primary residence of the homeowner, meaning it must be used by the homeowner or those related to the homeowner, such as a spouse or dependent child, for at least half the year. The residence must also be occupied by the homeowner or an eligible family member for at least six months of the year. In addition, the person claiming the exemption must have the home listed as their primary residence with the local tax assessor’s office. The principal residence exemption is a great way for homeowners in Virginia to save money on their taxes. Although there are certain criteria that must be met to be eligible for the exemption, it can be beneficial for those who qualify. If a homeowner meets the criteria for a principal residence exemption, they can save a significant amount of money on their taxes each year.

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