What is the residential exemption?

An exemption for residential properties (up to a three family) that are owner occupied. It reduces the assessed value of the property by an amount that is calculated each year based upon the total assessed value of all the residential parcels in the city. For example, the fiscal year 2026 residential exemption reduces the assessed value on your residence by $317,643.

For Example: In order to qualify for the residential exemption for Fiscal Year 2026, the homeowner must have occupied the property as the principal residence and been the owner of record as of January 1, 2025.