What is my tax bill savings having a Principal Residence Exemption?
A. Remember: Tax Bill = (Taxable Value of Your Property / 1,000) x Millage Rate Example: Using the 2006 tax rate for Ottawa County, Holland School District: Taxable Value = 55,000 Tax Rate = 51.8102 mills for Non-Principal Residence Tax Rate w/ Principal Residence Exemption = 33.8102 (18-mill reduction due to P.R.E.) Tax Bill = $55,000 / 1,000 = 55 x 51.8102 = approx. $2,850 versus Tax Bill w/ PRE Exemption = $55,000 / 1,000 = 55 x 33.8102 = approx. $1,860 The Principal Residence Exemption tax savings in this sample is $990.
Related Questions
- Principal and interest accrued in NRE savings deposits are tax free and fully repatriable as long as I maintain NRI status, regardless of the amount -is this correct?
- What is the difference between HPR (homeowner’s principal residence) tax base and Non-HPR tax base?
- What is my tax bill savings having a Principal Residence Exemption?
