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.