We often get questions from out-of-state buyers that have heard about Summit County's Primary Residence Tax Exemption. Many potential buyers ask questions regarding how the exemption works with investment property. The below information can be used as a general guide, but be sure to verify any important information (or rule changes) with the Summit County Assessor's office.
The Primary Residence Exemption is an exemption for property owners living in their property full time, or that have rented their property to a single tenant year round. A property that is granted a primary residence exemption is only taxed at 55% of the market value of the home and up to one acre of land. Vacation rentals and second homes do not qualify for the primary