An exemption is a deduction allowed to a taxpayer based on their status or circumstances, reducing the amount of income subject to taxation. Exemptions can apply in various contexts including personal income tax, homestead exemptions, and the alternative minimum tax.
A tax based on the value of property owned by a taxpayer. In the UK, council tax and business rates are charged based on the property’s value, defined by a series of value bands which depend on the region.
