Quote:
Originally Posted by Bill14564
Yes, the Save Our Homes assessment limitation is also very valuable and saves a lot of money for some people. However, that was not what the OP asked about.
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Bill. with all due respect. The OP asked what is the value of getting the Homestead exemption. There are two parts of the value of applying for and getting approval for the Homestead Exemption.
1.Getting the Homestead exemption itself gets to save you up to 50,000$ (for 2 owners) in taxable value and also makes you eligible for the Save Our Homes limits on Home Appraisal increases.
2. In my case save our homes reduces my taxable value by more than 400k$..a much bigger savings. Since the tax budget is a zero sum exercise, the tax rate would change somewhat if there was no SOH program, so the actual savings would not be quite as large as 42% but would be more than the effect of the Homestead Exemption reduction of reducing taxable value by 50,000$.