Senior VA Loan Specialist
I hope you are having a great Friday!
The homestead exemption applies to your property taxes. You will file
with the local tax office to let them know this will be your primary residence.
The exemption amount comes off the taxable value of your home, and you pay taxes on the rest.
So, if the taxable value of your home is $100,000 and the homestead exemption is $25,000, you pay property taxes on $75,000.
There are other exemptions depending county and on if you are over 65 (income guidelines), disabled vet over 10% (with letter from the VA), and there are a few more.
If you are financing your new home, I would speak to a mortgage advisor on VA credits.
I hope I have answered your questions.