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Understanding Homestead Exemption
Available Homestead Exemptions
The following table describes each of the different homestead exemptions and the deducted amount from the assessed value of the property. The Understanding Homestead Exemption Handout (pdf) can be downloaded.
Code | Description | Deduction from Assessed Value | Assessed Value is Reduced for... |
---|---|---|---|
S1 | State Homestead Deduction - Default | $2,000.00 |
County and School Taxes |
S3 | State Double Homestead for Age 62-64 and Net Income Maximum $10,000.00 | $2,000.00 $10,000.00 |
County Taxes School Taxes |
L1 | Senior Exemption for Age 65+ | $10,000.00 |
County and School Taxes $2,000.00 State $8,000.00 Local |
L4 | Senior Exemption for Age 65+ and Net Income Maximum of $10,000.00 | $12,000.00 $18,000.00 |
County Taxes School Taxes |
S5 | Veteran 100% Disabled Age Less than 65. Includes Un-remarried Surviving Spouse. (Proof required; amount changes annually.) | $100,896 |
2021 Value from the State |
L5 | Veteran 100% Disabled Age 65+. Includes Un-remarried Surviving Spouse. (Proof required; amount changes annually.) | $100,896 |
2021 Value from the State Plus $8,000.00 Local |
How Does the Homestead Freeze Reduce My Tax Bill?
Example | |||
---|---|---|---|
Assume Homestead Exemption | $499,182.00 |
Fair Market Value (100%) | |
Approved in 2006 with Fair Market Value. | $604,000.00 | Fair Market Value (100%) | |
Fair Market Value Currently | Difference | $104,818.00 | Fair Market Value (100%) |
Homestead Freeze Exemption | Multiply by 0.40 | $41,927.20 |
Assessed Value (40%) |
Compute Tax with Homestead Freeze | |||
Assume Code of S1F | Exemption | $2,000.00 |
|
Freeze Exemption | $41,927.20 |
||
Total Exemptions | $43,927.20 |
||
Current Fair Market Value of Homestead | $604,000.00 | ||
Current Assessed Value of Homestead | Multiply by 40% | $241,600.00 |
|
Net Assessed Value Equals Assessed Value Minus Exemptions | Assessed Value | $241,600.00 |
|
Exemptions | $43,927.20 |
||
Net Assessed Value | $197,672.80 |
||
Taxes Equal Net Assessed Valuation Multiplied by the Millage Rate | |||
Net Assessed Value | $197,672.80 |
||
Millage Rate | 0.020605 |
1 Mill = 1/10 of $0.01 | |
Current Property Tax | $4,073.05 |
||
Homestead Freeze Tax Savings | Freeze Exemption | $41,927.20 |
|
Millage Rate | 0.020605 |
||
Savings | $863.91 |