For real property used as a personal residence or in a cooperative that owns property used as a personal residence, or in a burial plot there is a Homestead exemption, in aggregate, not to exceed $50,000.

With single living units, there is also a homestead exemption, in aggregate, not to exceed $100,000.  If this single living unit has multiple owners each owner may receive his proportional share of the $100,000 exemption.

Beginning July 1, 2007, and each year thereafter these exemption amounts may be adjusted for inflation.  To see this statute, please click here.