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Know how to calculate the property tax on my homestead project
People often want to know how to estimate the effect on property taxes of projects they are thinking of doing (new garage, addition, decks, etc.). For homesteaded property, you can do an easy ballpark estimation using the following formula:
Value the project will add to the home x .01 x the local tax rate.
For instance, if building a garage that will add $17,000 to the assessed value of the property, the ballpark estimated property tax paid in 2008 is:
$17,000 x .01 x 1.09647 = $186 (rounded)