Additional ($25,000) Homestead Exemption
The additional exemption will be applied automatically to any property that currently is receiving a homestead exemption. This additional exemption does not apply to the school board portion of your taxes, which can be up to 40% of the tax bill. You may not save as much on the additional $25,000 homestead as you did with your existing $25,000 homestead exemption.
You may also apply for other additional exemptions such as widow/widower, disability or senior exemption and qualify for the additional homestead exemption.
The only difference is that the additional homestead exemption will not be applied to the school board portion of the property taxes.
How the additional exemption is calculated
If the assessed value of your property is $50,000 or less, there will be no change in the exemptions for your property. If the assessed value of your property is greater than $50,000, you will receive up to $25,000 for the extra homestead exemption.
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