Tax Records state the home has a Homestead exemption

[Olivia Lui]

Hey everyone, looking to invest in my first OOS property...I looked up tax history and it says the home has (or had at least in 2020) a homestead exemption - my general understanding of homesteads is that tax payments are reduced by a certain amount for a certain period of time...can someone shed more light for me? I assume the exemption will expire at some point...any help is appreciated, thanks!