The Pennsylvania Homestead Act refers to the homestead exclusion in the 2006 Taxpayer Relief Act, as stated by Zacks. This special measure provides a way to lower property taxes of eligible property owners.
A person must own property that is the person’s domicile and primary legal residence in order to be eligible for the homestead exclusion, Zacks states. This includes houses, condos and cooperative apartments, but can only be given for residential use. No specific exclusion amount is set for all eligible residents. Each year school districts set the exclusion amount for eligible homes based on financial requirements. The state provides school districts extra funding based on need. The more the need, the higher the state funding and exclusion amount.