Step 1

Number of residential units =                    
x   $25,000
= $                     (potential maximum exemption)

Step 2

Number of eligible owners =                    
x   $25,000
= $                     (potential maximum exemption)

Note: If Step 2 is greater than Step 1, then enter Step 1; if Step 2 is equal to or less than Step 1, then enter Step 2.

Potential Maximum Exemption = $                     .

Step 3

Ownership tenancy                                        

Step 4

SE% = %                    (For the purpose of this calculation, tenants by the entireties or joint with right of survivorship = 100%, even if only one of the owner resides on the property; tenants in common = % stated or implied in the deed).

Step 5

EAV = $                     Eligible Assessed Value.

Step 6

PHE = $                     Potential Homestead Exemption (EAV x SE%).

Step 7

Step 6 = $                    
Step 2 = $                    

Note: If the amount in Step 6 is greater than the amount in Step 2, the amount of the exemption equals the amount in Step 2. Otherwise, the amount in Step 6 equals the amount of the exemption.

Partial Homestead Exemption = $                    

Open an