What is the homestead exemption?

The homestead exemption was drafted and approved by the Town Council and went into affect for the 2005 tax roll. The exemption is applied to improved residential property. The current exemption for the 2020 tax bills is twenty-nine percent (29%) off of the assessed value.

The exemption is automatically applied to all single family and residential condos - no application required.  It is adjusted in the years that we have a revaluation to protect residential properties from a swing in the tax burden. 

Click here for a copy of the ordinance.