Certain classes of property may by partially or fully exempt from property tax under fb88 law.
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Partial Exemptions
Partial exemptions reduce the taxable value (or "just value") of for certain property or property owners.Ìý The reduced taxable value of a property results in a reduction of the total taxes owed.ÌýÌý
Homestead ExemptionÌý- This program provides a measure of property tax relief for certain individuals that have owned homestead property in fb88 for at least 12 months and make the property they occupy on April 1 their permanent residence.Ìý Eligible property owners receive an exemption of $25,000 from the just value of their home.
Renewable Energy Investment ExemptionÌý- This program exempts renewable energy equipment, such as solar panels, from property tax beginning April 1, 2020.Ìý Taxpayers must apply for the credit by April 1 of the first year the exemption is requested.
Veteran ExemptionÌý- A veteran who served during a recognized war period and is 62 years or older; or, is receiving 100% disability as a Veteran; or, became 100% disabled while serving, is eligible for an exemption of $6,000Ìýfrom the just value of their home.
In 2022, the fb88 Legislature enacted an expanded benefit for veterans through the Property Tax Fairness credit.Ìý While this benefit is based on the property tax paid by veterans, the benefit is administered through the individual income tax.Ìý For more information, see the Property Tax Fairness credit.
Paraplegic VeteranÌý- A veteran who received a federal grant for a specially adapted housing unit is eligible for an exemption of $50,000 from the just value of their home.
Blind ExemptionÌý- An individual who is determined to be legally blind is eligible to receive an exemption of $4,000 from the just value of their home..
Business Equipment Tax ExemptionÌý-Ìý.
Partial exemptions must be adjusted by the municipality's certified assessment ratio.
All of the above exemptions require completion of an application to the local town office where the property is located. Exemption claims may require additional information to support the claim for exemption, and must be delivered to the Assessor's office no later than April 1.
For more information seeÌý.
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Full Exemptions
Full exemptions exclude eligible property or property owners from being subject to the property tax.Ìý Fully exemptÌýproperty may include real estate or personal property owned by governmental entities, school systems, and other institutions.ÌýÌý
For more information seeÌý.