What is my tax bill savings having a Principal Residence Exemption?

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 with Principal Residence Exemption = 39.2399 (18-Mill Reduction Due to Principal Residence Exemption (PRE))

Tax Bills

  • Tax Bill = $55,000 / 1,000 = 55 x 57.2399 = Approximately $3,148
  • Tax Bill with PRE Exemption = $55,000 / 1,000 = 55 x 39.2399 = Approximately $2,158

The Principal Residence Exemption tax savings in this sample is $990.

Show All Answers

1. How can I obtain Information for properties in Holland?
2. When are tax bills sent out and when are they due?
3. How is my tax bill calculated?
4. What if I cannot pay my entire tax bill by the due date?
5. What type of payments do you accept for paying my taxes?
6. What is the process if I decide to pay my tax bill using my credit card?
7. How do I change my mailing address?
8. What is a Principal Residence Exemption (PRE)?
9. How do I apply for a Principal Residence Exemption?
10. What is my tax bill savings having a Principal Residence Exemption?
11. When do I need to Rescind my Principal Residence Exemption (PRE)?
12. I believe my Assessed Value is too High. What can I do to get my Assessed Value reviewed?
13. What is True Cash Value (TCV), Assessed Value (AV), State Equalized Value (SEV), and taxable Value (TV)?
14. Why is my Taxable Value, and thus my taxes, more than the previous owner had paid? What is Uncapping?