Homestead Exemption For 2024. With this in mind, senior citizens. A homestead exemption is an exemption that removes all or a portion of value from your residence homestead as authorized by the state or adopted by a local taxing unit.

Some states require you to file a declaration. Senate bill 2 (bettencourt/meyer) provides property tax relief through tax rate compression, an increase in the homestead exemption, and a pilot project limiting the.