| Partial Exemption of Homesteads Calculating Partial Homestead Exemptions Step 6 |
Step 6. Calculate the potential homestead exemption (PHE) amount.
Formula
- EAV X SE% = PHE
Where:
- EAV = Eligible Assessed Valuation
SE% = Shared Exemption %
PHE = Potential Homestead Exemption
Example
- EAV = $80,000
SE % = 25%
PHE = $80,000 X .25 = $20,000
Practice
- K.
- EAV = $40,000
SE% = 50%
PHE = $ - L.
- EAV = $60,000
SE% = 100%
PHE = $
What To Do
- Go to step 7.
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