Remember: Tax Bill = (Taxable Value of Your Property / 1,000) x Millage Rate
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 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.