How much is the Senior or Disabled Veteran Property Tax Exemption?

As of 2020, the actual value of the property is reduced by 50 percent of the first $200,000 of value. For example: 

  • If the assessor’s actual value of your home is $150,000, the full value is within the first $200,000, so the actual value of the property will be reduced by 50 percent of $150,000, or $75,000. After the reduction, the actual value from which the property taxes will be based on is $75,000. 
    • In the example above, your total savings would be 50 percent for the year - an exemption credit of $536.25 ($1072.50 in taxes without the exemption and $536.25 with the exemption), based on a mill levy of 100.000. 
  • If the assessor’s actual value of your home is $400,000, the actual value will be reduced by 50 percent of the first $200,000, or $100,000. After the reduction, the actual value from which the property taxes will be based on is $300,000.  
    • In the example above, you would be receiving the maximum exemption credit possible for the year - an exemption credit of $715 ($2,860 in taxes without the exemption compared to $2,145 with the exemption), based on a mill levy of 100.000. 

Show All Answers

1. Who is eligible for the Disabled Veteran Property Tax Exemption?
2. Who is eligible for the Senior Property Tax Exemption?
3. How do I apply for the Disabled Veteran Property Tax Exemption?
4. How do I apply for the Senior Property Tax Exemption?
5. How much is the Senior or Disabled Veteran Property Tax Exemption?
6. I applied for the Senior Property Tax Exemption previously. Do I have to apply again?
7. How can I calculate my property tax savings resulting from the Senior or Disabled Veteran Property Tax Exemption?