Tax Amount Calculation

View an example of the tax amount calculation for same property / market value with the homestead market value exclusion applied and then without the homestead market value exclusion applied:

Tax Rate Examples
 With Market
Value Exclusion
 Without Market
Value Exclusion
Estimated Market Value (MV)
 $141,100 $141,100
MV Exclusion = $30,400 less 9% of value greater than $76,000. This example: $30,400-(9%x$65,100)
 $24,541 N/A
Calculate Taxable Market Value (TMV) by subtracting the Market Value Exclusion from Estimated Market Value
 $116,559 $141,100
Residential Class Rate
 1% 1%
Calculate Net Tax Capacity (NTC) by multiplying the TMV by the Class Rate
 $1,166 $1,411
Tax Rate
 127% 127%
Calculate Tax Amount by multiplying the NTC by the Tax Rate
$1,480 $1,792