The assessed value of my home according to the property appraiser’s office is $55,000, why do I only have $30,000 of homestead exemption if the exemption was increased to $50,000?
The original homestead exemption applies to the first $25,000 of value, and the additional homestead exemption is applied to the value between $50,000 and $75,000. Since the assessed value is $55,000, only $5,000 of the additional $25,000 would be exempt. To benefit from the full additional exemption, the assessed value has to be over $75,000.
Related Questions
- The assessed value of my home according to the property appraiser’s office is $55,000, why do I only have $30,000 of homestead exemption if the exemption was increased to $50,000?
- Why is the valuation on my home prepared by my insurance company lower than the market value placed on my property by the Property Appraisers Office?
- Is the tax assessed value of my home the same as the refinancable value?
