This is a property tax exemption that, upon qualification (see next paragraph for who qualifies) will REDUCE the assessed value of your property. Again, it is VERY important to bear in mind that this affects the value ONLY and not necessarily your tax rate or final tax bill.
Who qualifies. Must be owner-occupied property. At least one individual on deed must be 65 years of age within the current tax year. Household income does NOT apply. This is a one-time filing and need not be filed each year.