What happens to my property tax exemptions when I sell and buy smaller?

Property tax exemptions tied to your current home, such as the legal residence rate for an owner-occupied property, do not transfer automatically to a new address and must be reapplied for through the county assessor once you move. Any exemption you held on the old property ends at the sale. Brian Beatty flags this step for downsizing sellers so the new home's application gets filed without a gap in coverage.