What does this mean in terms of property taxes?

Depending on the amount of the appraised value that is subject to the 50 percent exemption, taxes may be reduced. To calculate the amount of the reduction, follow the following steps:

  1. Multiply the portion of the appraised value subject to exemption as established by the legislature by .50 (50%).
  2. Multiply the result by .0796 (7.96%) (this is the estimated assessment rate, again, this is set by the State Legislature annually).
  3. Multiply this result by .095 (95 mills which is a typical levy in Jefferson County, these levies are set annually by the taxing authorities involved, i.e. the school district, fire district, etc.)
  4. The result will be your tax savings from the exemption.

Show All Answers

1. How do I apply for the Senior Property Tax Exemption?
2. How much is the Senior Property Tax Exemption?
3. I applied for the Property Tax Exemption for Seniors previously. Do I have to apply again?
4. What does this mean in terms of property taxes?
5. Who is eligible for the Senior Property Tax Exemption?