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
Level of Assessment
Equalized Value
Exemption Amount
Billing Value
Local Tax Rate
Tax Amount
240,000 X 33 1/3 %
80,000 - 0
80,000 X .07211
$5,768.80
240,000 X 33 1/3 %
80,000 -
5,000
75,000 X .07211
$5,408.25
