Q. What is my tax bill savings having a Principal Residence Exemption?
A. Remember: Tax Bill = (Taxable Value of Your Property / 1,000) x Millage Rate
Example: Using the 2011 tax rate for Ottawa County, Holland School District:
Taxable Value = 55,000
Tax Rate = 57.2399 mills for Non-Principal Residence
Tax Rate w/ Principal Residence Exemption = 39.2399 (18-mill reduction due to P.R.E.)
Tax Bill = $55,000 / 1,000 = 55 x 57.2399 = approx. $3,148
Tax Bill w/ PRE Exemption = $55,000 / 1,000 = 55 x 39.2399 = approx. $2,158
The Principal Residence Exemption tax savings in this sample is $990.