Proposed Homestead Exemptions from School Taxes--Plan A
Retain present Homestead exemption from school taxes (enacted in 2018 and in effect until 2021). Exempts $50,000 of assessed value above the first $10,000. Everyone pays school taxes on the first $10,000 in valuation; school taxes are exempted up to assessed values of $60,000; beyond that valuation, there are presently no additional exemptions.
The suggestion below would add graduated exemptions as a percentage of assessed value, for properties with higher assessed values up to $400,000 assessed value ($1,000,000 homes).
Homeowners under 65 would get an exemption at 35% of the additional assessed value up to assessed values of $400,000.
Those over 65 would get an enhanced exemption of 50% of the additional assessed value up to assessed values of $400,000.
Taxpayer would be entitled to the exemption of $50,000 or the percentage exemption, whichever was higher.
Valuation Assessed Value Subject to tax(w/35%) 35% exempt 50% exempt
$200,000 $80,000 $30,000 $28,000 $40,000
$300,000 $120,000 $70,000 $42,000 $60,000
$400,000 $160,000 $104,000 $56,000 $80,000
$500,000 $200,000 $130,000 $70,000 $100,000
$600,000 $240,000 $156,000 $84,000 $120,000
$700,000 $280,000 $182,000 $98,000 $140,000
$800,000 $320,000 $208,000 $112,000 $160,000
$900,000 $360,000 $234,000 $126,000 $180,000
$1,000,000 $400,000 $260,000 $140,000 $200,000
Home Values above $1,000,000 would continue at whatever homestead exemption applied at the $1,000,000 value.
Proposed Homestead Exemptions from School Taxes--Plan B
Retain present Homestead exemption from school taxes (enacted in 2018 and in effect until 2021). Exempts $50,000 of assessed value above the first $10,000. Everyone pays school taxes on the first $10,000 in valuation; school taxes are exempted up to assessed values of $60,000; beyond that valuation, there are presently no additional exemptions.
The suggestion below would add graduated exemptions as a percentage of assessed value, for properties with higher assessed values up to $400,000 assessed value ($1,000,000 homes).
Homeowners under 65 would get an exemption at 30% of the additional assessed value up to assessed values of $400,000.
Those over 65 would get an enhanced exemption of 40% of the additional assessed value up to assessed values of $400,000.
Taxpayer would be entitled to the exemption of $50,000 or the percentage exemption, whichever was higher.
Valuation Assessed Value Subject to tax (w/30%) 30% exempt 40% exempt
$200,000 $80,000 $30,000 $24,000 $36,000
$300,000 $120,000 $70,000 $36,000 $54,000
$400,000 $160,000 $110,000 $48,000 $72,000
$500,000 $200,000 $140,000 $60,000 $90,000
$600,000 $240,000 $168,000 $72,000 $108,000
$700,000 $280,000 $196,000 $84,000 $126,000
$800,000 $320,000 $224,000 $96,000 $144,000
$900,000 $360,000 $252,000 $108,000 $162,000
$1,000,000 $400,000 $280,000 $120,000 $180,000
Home Values above $1,000,000 would continue at whatever homestead exemption applied at the $1,000,000 value.