Estimated Savings
Example: A property with a fair market value of $240,000 is owner occupied and receives the senior homestead exemption. This is only an example. Your specific savings will vary depending upon your local tax rate.
| Without Senior Exemption | With Senior 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 | - 5,000 |
| Billing Value | 80,000 | 75,000 |
| Local Tax Rate | X .07211 | X .07211 |
| Tax Amount | $5,768.80 | $5,408.25 |
ANNUAL TAX SAVINGS: $5,768.80 - $5,408.25 = $360.55