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Finance and Taxation A tax exemption is an exemption from all or certain taxes of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone. Normally a tax exemption is provided to an individual or organization which falls within a class which the government wishes to promote economically, such as charitable organizations. Tax exemptions are usually meant to either reduce the tax burden on a particular segment of society in the interests of fairness or to promote some type of economic activity through reducing the tax burden on those organizations or individuals who are involved in that activity. Typical tax exemption criteria used include age of the individual paying tax, public services which the individual has performed (e.g., war veterans), ownership of types of property (homeowners, farmers), geographic location of property, income level of the individual paying the tax, or the value of the property being taxed.
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