The Homestead Tax Exemption is a program that allows homeowners to reduce the taxable value of their primary residence. In many places, including some areas in the Philadelphia Metro, eligible homeowners can apply for this exemption to lower their property taxes. It's a way to provide relief to homeowners by exempting a certain amount or percentage of their home's assessed value from taxation. If you're in the real estate market or considering buying a home, it's essential to understand local tax policies and exemptions like the Homestead Tax Exemption.