Additional Homestead Exemption

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