The Homeowner's Exemption is a program that reduces property taxes for individuals who own and occupy their home as their primary residence. This is done by reducing the net taxable value of the home and up to one acre of land. Beginning in 2021 the maximum homeowner's exemption reduction increased to $125,000 and will remain that amount until the legislature changes it.
Previously, the maximum reduction was adjusted annually using the House Pricing Index (HPI) published by the Federal Housing Finance Agency.
Below is a chart of the history of the maximum reduction from the Homeowner's Exemption.