Estimate of Property Tax Savings
Example: A property with a fair market value of $240,000 is owner occupied and receives the residential homestead exemption. This is only an example. Your specific savings will vary depending upon your local tax rate.
Without Exemption With Exemption Fair Market Value 240,000 240,000 Level of Assessment X 33 1/3 % X 33 1/3 % Equalized Value 80,000 80,000 Exemption Amount - 0 - 8,000 Billing Value 80,000 72,000 Local Tax Rate X .07211 X .07211 Tax Amount $5,768.80 $5,191.92
ANNUAL TAX SAVINGS: $5,768.80 - $5,191.92 = $576.88