Residential Exemptions

Current Exemptions
  • First residence- maximum of $61,540 assessment dollars
  • Second residence - maximum of $30,770 assessment dollars
Example
A residence that is assessed at $200,000; total land ratepayers own is assessed at the following, for a total of $80,000 (sufficient land):
  • NE 22- $20,000
  • NW 23 - $20,000
  • SE 23 - $20,000
  • SW 23 - $20,000
Then, for a first residence, the equation applied is: $200,000 - $61,540 = $138,460. This results in $138,460 that would be taxable on the first residence.

Taxables
  • Three Acres Site (is assessed at land market value) = $14,920 taxable
  • Farmland(is assessed based on productivity of land)  = $16,540 taxable