Propert Tax Exemptions
Q: So How Does This Actually Work?
A: Let Say that your taxed based on a value of $20,000 at 30 mills, the regular tax would be $600 (20,000x.030). With your exemtion, your new value assessed would be $18,500 or a tax bill of $555 (18,500x.030) or a net savings of $45 on your taxes. The amount saved depends on your towns mill rate. Also some towns offer higher exemptions. Check with your assessors office for more details on how much you are eligable for.