Quote:
Originally Posted by chuckinca
Very rough numbers:
If you have a home with a tax value of $250K and pay $4,000 in property tax the $25k exemption would lower your value by 10% and probably lower your payment by 10% or $400 per year.
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Thinking that it was possible that what you stated above was not correct, I checked my tax records and those of 5 additional properties to check. In each case the assessed value was simply lowered by exactly the amount of the two exemptions ($50,000) to establish what the taxable value was.
With the assessed values being variable while the exemption values being constant, it was evident that
no 10% calculation was involved in the process. Note though that this is in Sumter County and I can't say about any other county, but I would think that the method of applying the Homestead Exemption would be the same statewide.
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