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Question: 1 / 400

In the context of property tax waivers, what does 'special exemption' refer to?

A temporary tax increase

A reduction or elimination of property tax

A 'special exemption' in the context of property tax waivers refers to a reduction or elimination of property tax. This type of exemption specifically applies to certain properties or groups of people who meet specific criteria established by state or local law. Special exemptions can benefit homeowners, veterans, senior citizens, or other designated classes of property owners, reducing their overall tax burden. By decreasing the assessed value of a property or removing certain tax obligations entirely, these exemptions aim to provide relief to qualifying taxpayers.

This concept is significant as it directly affects how much tax an individual or organization is expected to pay, playing a crucial role in property tax assessments and financial planning for property owners.

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A mandatory tax payment

A new tax rate for disasters

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