If a property is owned by an individual and they live there, the state offers a homestead exception. If it is their primary property and they have a mortgage they also maybe eligible for a mortgage exception.
Should they pay the house off, the mortgage exception will drop off. If the property is owned by a bank , they do not qualify for those exemptions so it would show no exemption. If the property is not a person's primary home, such as an investment property or vacation home, Normally there are no exceptions available and they are taxed at a higher rate. Please call me if you have further questions.
Matt Huffman 765-524-4985 or MattH@crossroadsre.com