Taxable value (homestead, additional exemptions) Flashcards
(11 cards)
What is the taxable value if the assessed value of a homestead property is less than $50,000?
- Base exemption - $25,000
- This applies to the city taxes, county taxes, and school board taxes
What is the taxable value if the assessed value of a homestead property is greater than $75,000?
- Base exemption - $25,000
- This applies to city taxes, county taxes, and school board taxes.
- There is an additional $25,000 exemption from city and county taxes only.
- (So, they will be 2 separate calculations)
What is the taxable value if a homestead house has an assessed value of $350,000?
- For school board taxes, you take off the base exemption… so $350k-$25k = $325k taxable value for school board taxes
- For the city & county taxes, you take off $50k (additional $25k on top of the base exemption), so $350k-$50k = $300k taxable value for city & county taxes
What is the exemption for widows & widowers?
$5,000
What is the exemption for legally blind individuals?
$5,000
What is the exemption for totally and permanently disabled nonveterans?
$5,000
What is the exemption for totally and permanently disabled quadriplegics?
100% tax exempt if homestead property
What is the exemption for totally & permanently disabled first responders and surviving spouses?
100% tax exempt if homestead property
What is the exemption for at least 10% disabled by misfortune or during wartime service?
$5,000
also surviving spouse who was married to the veteran for at least five years on the date of death
What is the exemption for service-connected, totally disabled veterans?
100% tax exempt on homestead
also surviving spouse
What is the exemption for surviving spouses of veterans who died while on active duty?
100% tax exempt on homestead
