Apply online: Application for Residential Exemption
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Residential properties that are occupied full-time by the owner or tenant may be eligible to receive a property tax exemption of 45% of market value. A qualifying property is assessed and taxed based on the remaining 55% of market value. The exemption applies to the home and up to one acre of land. The owner must apply to receive the exemption.
Vacation homes, cabins, time-shares, or other types of transitory housing do not qualify for the exemption.
The exemption is limited to one per household. If a household occupies more than one residence during a given year, the assessor determines which one qualifies as the primary residence. In making that determination, the assessor consults Administrative Rule R884-24P-52.
Property tax with residential exemption:
$350,000 market value x 55% taxable portion = $192,500 assessed value
$192,500 assessed value x 1.1% tax rate = $2,117.50 property tax
Property tax without residential exemption:
$350,000 market value = $350,000 assessed value
$350,000 assessed value x 1.1% tax rate = $3,850 property tax