Portability Example |
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Current Status 2007
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Current System:
Save Our Homes (SOH) Cap Value = Taxable Value = Assessed Value - 25,000 Taxes = Taxable Value x Millage rate (for this example we use 20 mills) If you do not move and the bill passes: New Estimated Taxes = *The additional exemption would not apply to school taxes, so those taxes ($25,000 x .0077 = 193.27) would be added back in to the final tax amount. |
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$162,400
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$104,730
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$ 79,730
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Taxes (Avg 20 mills and current
$25,000 homestead exemption) |
$1,595
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| Taxes with the additional Homestead Exemption* |
$1,288*
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Cap Value $57,670 ($162,400 - $104,730)
35.5% |
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If you move to a more expensive home:
(Keep the Value of the Cap) New Assessed Value = New Taxable Value = New Assessed Value - Exemption New Estimated Taxes = (New Taxable Value x Millage Rate) + School Taxes* |
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UPSIZING
to a home with a Just Value of $300,000 |
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(New Assessed Value)
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$300,000 - ($162,400 - $104,730)
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= |
$242,300
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$242,330 - $50,000 Exemption*
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$192,330
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| (Taxable Value) | |||||||||||||||||
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Taxes (Avg 20 Mills)
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= |
$ 4040*
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Cap Value $57,670
(previous home's just value - previous home's assessed value) 19.2% |
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DOWNSIZING
to a home with a Just Value of $125,000 |
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If you move to a less expensive home:
(Take Cap Percentage) New Assessed Value = New Taxable Value = New Estimated Taxes = |
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| (125,000 / $162,400) x Old Assessed Value |
$ 80,611
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$80,611 - $50,000 Exemption*
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$ 30,611
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| Taxable Value | |||||||||||||||||
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$ 805*
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Taxes (Avg 20 mills)
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Cap Value $44,389 ($125,00 - $80,611)
35.5% |
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| * Homestead exemption amounts based on an original $25,000 homestead exemption plus the additional $25,000 exemption on the assessed value between $50,000 and $75,000. The additional exemption would not apply to school taxes, so those taxes ($25,000 x .0077 = 193.27) have been added back in to the final tax amount. | |||||||||||||||||
