Webyou may be eligible for an exemption of up to $7,000 off the propertyโ€™s assessed value, resulting in a property tax savings of approximately $70 annually if you own and occupy. Webyou may be eligible for an exemption of up to $7,000 off your propertyโ€™s assessed value, resulting in a property tax savings of approximately $70 annually if you own and occupy your home as your principal place of residence.