Additional Homestead Exemption
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.
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.
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.
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.
| 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 |