<P> Colorado has a $75,000 exemption, or $105,000 for people who are over 60 or disabled . </P> <P> In most states, the real dollar value of "protection" provided by the laws has diminished, as exemption dollar amounts are seldom adjusted for inflation . The protective intent of such laws, with some notable exceptions like those stated above, has been eroded in most states . </P> <P> A homestead exemption is most often on only a fixed monetary amount, such as the first $50,000 of the assessed value . The remainder is taxed at the normal rate . A home valued at $150,000 would then be taxed on only $100,000 and a home valued at $75,000 would then be taxed on only $25,000 . </P> <P> The exemption is generally intended to turn the property tax into a progressive tax . In some places, the exemption is paid for with a local or state (or equivalent unit) sales tax . </P>

What is a homestead exemption on property taxes
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