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
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 .06211 $4,968.80
240,000 X 33 1/3 % 80,000 - 3,500 76,500 X .06211 $4,751.42
