This simple equation illustrates how to calculate your property taxes:
Just Value - Assessment Limits = Assessed Value
Assessed Value - Exemptions = Taxable Value
Taxable Value X Millage Rate = Total Tax Liability
For example, a homestead has a just value of $300,000, an accumulated $40,000 in Save Our Homes (SOH) protections, and a homestead exemption of $25,000 plus the additional $25,000 on non-school taxes. The millage is 7 mills for county schools and 11 mills for all non-school taxing authorities combined (city, county, and special districts).
$300,000 (Just Value)
- $40,000 (Accumulated SOH)
$260,000(Assessed Value)
$260,000 (Assessed Value)
- $25,000 (Exemption)
$235,000 (Taxable Value) X 0.007 (Millage) = $1,645 (School Taxes)
$260,000 (Assessed Value)
- $50,000 (Exemption)
$210,000 (Taxable Value) X 0.011 (Millage) = $2,310 (Non-school Taxes)
$1,645 (School Taxes)
+ $2,310 (Non-school Taxes)
$3,955 (Total Taxes)