Property 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 exemption, 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 eligible for.
The Law-Veterans, who have ninety (90) days of wartime service, including Merchant Marines who served during WWII, are eligible for a $1,500 exemption for property tax purposes (e.g., real estate property or automobiles).
Veterans below a certain income level and/or disabled veterans are eligible for additional property tax exemptions. Surviving spouses of veterans may also be eligible for this benefit. Contact your municipality’s Tax Assessor Officer for specific details. [(CGS Sec. 12-16, CGS sec. 12-18g) PA 88-343]
An exemption is the reduction of the property’s assessed value for tax purposes. (CGS Sec. 12-18)
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 exemption, 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 eligible for.
The Law-Veterans, who have ninety (90) days of wartime service, including Merchant Marines who served during WWII, are eligible for a $1,500 exemption for property tax purposes (e.g., real estate property or automobiles).
Veterans below a certain income level and/or disabled veterans are eligible for additional property tax exemptions. Surviving spouses of veterans may also be eligible for this benefit. Contact your municipality’s Tax Assessor Officer for specific details. [(CGS Sec. 12-16, CGS sec. 12-18g) PA 88-343]
An exemption is the reduction of the property’s assessed value for tax purposes. (CGS Sec. 12-18)