This freezes the taxable value of your property, but it only applies to the County portion of your property taxes. As the fair market value increases on your property, the exemption increases the same amount and offsets inflationary value increases. The frozen value (for tax purposes only) stays in place until the property is sold or a new deed is filed on the property. The Freeze Exemption does not apply to improvements. Home improvements increase your taxable value. No application is necessary for the Freeze Exemption.