Assessed Value Property Tax Calculator
Calculate final property tax bills by applying standard exemptions (Homestead, Senior, Veteran) to the assessed value. Determine net liability accurately.
Select Exemptions
About
Property owners often confuse "Market Value" with "Assessed Value." The tax bill is generated from the latter, which is often a percentage of the true market price, further reduced by statutory exemptions. Failure to apply eligible exemptions such as Homestead, Senior Citizen, or Veteran status can result in overpaying taxes by thousands of dollars annually.
This calculator is designed for the final stage of the tax estimation process. It takes the official Notice of Assessment value and subtracts specific dollar-amount deductions before applying the tax rate. This precise "Net Taxable Value" logic ensures that users account for the legislative relief they are entitled to, providing a true bottom-line figure for their annual obligation.
Formulas
The calculation sequence accounts for deductions before the rate application:
Note: Exemptions cannot typically reduce the taxable value below zero.
Reference Data
| Exemption Type | Typical Deduction Amount | Eligibility Criteria |
|---|---|---|
| Homestead Exemption | $25,000 - 50,000 | Primary residence only. |
| Senior Citizen | $20,000 - 100% Relief | Age 65+, often income-capped. |
| Veteran / Disability | $5,000 - Full Exemption | Service-connected disability %. |
| STAR (School Tax Relief) | $30,000 (off value) | Primary residence (Example: NY). |
| Ag / Greenbelt | Reduced Assessment | Active farming or conservation use. |