The department of revenue has reviewed and adjusted the homestead exemption for the 2009 and 2010 tax years, raising the amount of the exemption from $31,400 to 33,700. For homeowners receiving the exemption, this means that that the taxable value for your property will be the assessed fair market value, less the exemption amount of $33,700. For example, a $100,000 residence that qualifies for the exemption would have a taxable value of ($100,000 - $33,700 =) $66,300. For more information about the homestead exemption, or to find out if you qualify, check our "Resources" section.