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FREQUENTLY
ASKED QUESTIONS
Additional
-
Do I need to apply for the additional homestead exemption?
No. The exemption will be applied to all property that currently has a homestead exemption, as long as the assessed value of your home is greater than $50,000.
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If I receive other exemptions, such as Disability, Widow/Widower's or Low Income Senior Exemptions, am I still eligible to receive the additional homestead exemption?
Yes, as long as the assessed value of your home is greater than $50,000.
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Will this additional $25,000 homestead exemption truly "double" my savings?
No, it will not. This exemption does not apply to all millages. The school board millage which is a large portion of your millage rate is NOT included in the calculation.
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How is the additional exemption calculated?
If your homestead property has an assessed value of up to $50,000, your current exemption will not change. If your homestead property has an assessed value from $50,001 through $74,999, you will receive an additional exemption proportionately up to $24,999. All homestead property with an assessed value of $75,000 or more will receive the full $25,000.
EXAMPLE
|
Estimated Assessed Value |
Less the Current Homestead Exemption/ Savings in Tax $ |
Less the Additional Exemption/ Savings in Tax $ |
= Taxable Value |
||
|
$40,000 |
$25,000 |
$381.20* |
$0 |
$0 |
$15,000 |
|
$57,000 |
$25,000 |
$381.20* |
$7,000 ($57,000-$50,000) |
$53.95* |
$25,000 |
|
$65,000 |
$25,000 |
$381.20* |
$15,000 (65,000-$50,000) |
$115.61* |
$25,000 |
|
$75,000 |
$25,000 |
$381.20* |
$25,000 |
$192.68* |
$25,000 |
|
$125,000 |
$25,000 |
$381.20* |
$25,000 |
$192.68* |
$75,000 |
*
- These calculations are made using the 2009
millages for the
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