| Property Tax Exemptions |
|
|
 |
|
|
Exemptions are defined as property that has been removed from the assessment roll, thus excluded from taxation. There are approximately 62 different exemptions and/or special assessments that qualifying property owners and lessees can apply for.
There are three types of exemption: full exemption, partial exemption, and special assessment. The portion of the property that's use qualifies for the exemption determines whether a full or partial exemption is granted. Specially assessed properties are valued using an assessment technique that results in a lower taxable value than would be the case if the usual assessment practice were used. This, in effect, results in a partial exemption.
The bulk of exemptions fall into the special organization category. The most common qualifying entities are religious, fraternal, literary, benevolent, or charitable. Property for which this type exemption is requested must be actively occupied and used by the organization in a way that furthers its stated purpose. The property must also be reasonably necessary. Any portion of a property that does not meet these criteria is subject to assessment and taxation the same as all other taxable property.
Types of special assessments include but are not limited to historic, enterprise zone, and open space.
For more information on Real and Property Tax Exemptions:
|
|
|
|
