City Council passes tax rate and homestead exemption

City Coun­cil on Thursday set a tax rate of $1,340 per $100,000 of as­sessed prop­erty value and also ap­proved a $30,000 homestead ex­emp­tion, ac­cord­ing to Jane Roh, spokes­wo­man for Coun­cil Pres­id­ent Dar­rell Clarke.

Us­ing those num­bers, along with new prop­erty as­sess­ments re­ceived this year, prop­erty own­ers can now fig­ure out what they’ll be pay­ing in real es­tate taxes in 2014.

The vote to ap­prove the new tax rate was 11-5.

A prop­erty own­er who has re­ceived a homestead ex­emp­tion can de­duct $30,000 from its as­sessed value be­fore fig­ur­ing the tax. So, a home as­sessed at $130,000 that has a homestead ex­emp­tion would face a tax bill of $1,340.

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