Who benefits from a homestead exemption?

The homestead exemption primarily benefits homeowners with a primary residence by providing a reduction in property taxes. This exemption is designed to protect homeowners by lowering their taxable property value, which directly decreases the amount of property taxes owed. The intention is to make homeownership more affordable and secure for individuals and families, thus enhancing community stability.

In contrast, investors with multiple properties do not qualify for this exemption because it specifically applies to primary residences. Tenants renting a residence are also ineligible, as the benefit is intended for property owners, not individuals who do not own the property they reside in. Lastly, the homestead exemption is not available to all property owners; it is specifically designed for those who occupy their property as their primary home. Therefore, the correct understanding is that only homeowners with a primary residence benefit from this tax relief.