A property owner who qualifies for the Homestead/Farmstead Exclusion receives a discount on their annual school real estate tax bill. An application must be filed by the property owner by March 1st in order to qualify for the discount on that year's bill.
Homestead: A dwelling, including the parcel of land on which the dwelling is located and the other improvements located on the parcel which is primarily used as the domicile of the property owner.
Farmstead: Only buildings or structures on farms, which are at least 10 contiguous acres in area and used as the primary residence (domicile) of the owner are eligible for a farmstead exemption. The buildings and structures must be used for commercial agricultural production to store farm products produced on the farm, to house animals maintained on the farm, or to store agricultural supplies or machinery and equipment used on the farm.