FAQ - 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