what is a homestead credit
Homestead exemption programs reduce property taxes by exempting a certain amount of a home's value from taxation. The value of the tax reduction depends on the exemption amount and the assessment level, or the portion of a property's value that is subject to the local government's tax rate. Homestead credit programs, on the other hand, provide tax credits directly to taxpayers. Qualifying homeowners receive a discount on their tax bills or a rebate equal to a certain percentage of taxes due or a fixed amount.