Definition: Property relieved from a particular tax by law when the relevant ownership, use, and other requirements are satisfied. An exemption may apply to all or part of the taxable value.
Example
A qualifying nonprofit seeks a property-tax exemption for a building used for an eligible purpose.
Keep the distinction clear
Nonprofit ownership or a religious name alone does not establish every exemption. Tax immunity, statutory exemption, and partial exemption are distinct concepts.
Related terms
Immune Property (Taxation) · Partially Exempt Property · Taxable Value
Keep studying
Homestead Exemptions and Property-Tax Math
References: Florida Department of Revenue: the property tax system
Pronunciation (US): ig-ZEMPT PRAH-per-tee (capitals show stress)
Pronunciation reference: Merriam-Webster
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