Homestead Exemption

[jrjr729]

Is it true that the second $25,000 of the homestead exemption is exclusive of school taxes? Sumter county millage rate is 13.8669 but that rate includes a school tax of 7.3540. If school taxes are excluded the value of the exemption is reduced by $183.85 to $509.50 rather than $693.35 which is 50 times the milage rate.

[tpop1]

You are correct that the 2nd $25,000 only applies to the Non-school portion of the county budget. Your benefit of this 2nd 25k, as a homesteader is in fact $162.8225.

Total Millage (13.8669) minus School Millage (7.354) = Millage applicable to 2nd $25k (6.5129). 6.5129 x $25000 = $162.8225 reduction!

Not sure what you mean about 50 times the millage rate???/

Hope this helps!

[jrjr729]

Sorry Tpop1, I meant to say that $693.35 is the result of multiplying $50,000 times 13.8669 per thousand.