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2012 Legislative Change <br />Homestead Market Value Exclusion <br />How HMVE will work: <br />value of home minus exclusion <br />Under the state's new market value <br />exclusion, qualifying homeowners pay tax <br />on a PORTION of their home's value; in <br />other words, the TAXABLE MARKET VALUE <br />goes DOWN. This leads homeowners to <br />expect lower tax bills. => <br />city tax rate <br />BUT instead, the exclusion will reduce the overall tax base so that TAX RATES <br />WILL HAVE TO RISE in order to bring in even the same amount of tax dollars <br />as last year to fund city services. Higher tax rates would apply to ALL property <br />in the community, including those homes receiving the exclusion. <br />Mechanics of the transition will cause tax rates and taxes for most <br />properties to rise. 18 <br />