|What is a "rollback"? What is the 2.5% exemption?|
The rollback reduces the property taxes due by 10%.
The 2.5% exemption reduces the property's taxes by that amount only if it is the person's primary residence. As of November 2013, any levy that is not a renewal will no longer be subject to these rollbacks. The state has lifted these rollbacks for all new and replacement levies.
However, if a person is either totally disabled or elderly (and meets the income and eligibility requirements), there could also be an additional tax exemption on the property.