Save up to $419 a year on your Real Estate taxes if you live in and own your home with the Homestead Exemption. There are no age or income guidelines. Here’s how it works.
Real Estate tax bills are based on the assessed value of a property. Homestead Exemption reduces that assessed value by $30,000. A lower assessed value results in lower real estate taxes.
Assessed value of the home: $100,000
Homestead Exemption: – $30,000
Taxable value of the home: $70,000
Real Estate Taxes are paid on $70,000 instead of $100,000.
Photo credit Michael Cramer.