Partial Exemption Calculation

For example, for a property with a fair market value of $445,000,

the partial exemption is calculated as follows:

Fair market value of property............................... $445,000
Tax at 1% of the first $200,000
and 2% on the remainder .....................................$ 6,900

Partial exemption calculation:
6,900 x (425,000 + 25,000 – 445,000) ..................- $ 1,380
25,000

Tax Payable................................................ $ 5,520

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