If you own and occupy your own home, it may be exempt from the 18-mill school operating tax. If a home is worth $100,000 and has a taxable value of $50,000, the savings to you would be $903 per year. To claim an exemption, complete the principal residential exemption affidavit and file it with the City Assessor by June 1. If you qualify for a principal residential exemption, the City Assessor will adjust your taxes on your next property tax bill. Note that this is an exemption for part of your taxes, not from your taxable value.
If you have moved out of your home and have it listed on the open market, it is not rented or used for commercial purposes you may qualify for a conditional rescission. As this type of rescission is conditional there are criteria that must be met.