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|
| With Senior|
|Fair Market Value||240,000||240,000|
|Level of Assessment||X 33 1/3 %||X 33 1/3 %|
|Exemption Amount||- 0||- 5,000|
|Local Tax Rate||X .07211||X .07211|
ANNUAL TAX SAVINGS: $5,768.80 - $5,408.25 = $360.55