Quote:
Originally Posted by Single Track
Call me thick but I don't get it. Hypothetically, if your annual property tax is $2,000 - $3,000, what does the $50,000 exemption mean? Does it mean that any property tax you owe under $50,000, you don't have to pay? Does it serve as a deduction on your income tax? Someone else has always done my taxes so I'm just learning some of this stuff for the first time. I can't wait to meet some of you knowledgeable guys when I become a Villager in the next year.
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If the tax value of your home is $200,000, the exemption of $50,000 would lower your tax value to $150,000. Then your taxes would be calculated on $150,000 instead of $200,000.