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Monday, November 28, 2011

Introducing the Magic Tax Calculator for the proposed Homestead Tax Credit

Back in March we created a spreadsheet  called the Magic Tax Calculator. It was quite popular because it was available months before our tax bills.

To help understand the Homestead Tax Credit proposed by the Democratic Town Committee, we have created a new spreadsheet so you can see what the Homestead Exemption Tax Credit would mean for you.

by Tom Ferrio

First look up your property valuation on your tax bill or on Vision Appraisal.

Then open up our Magic Homestead Tax Credit Calculator. It should look something like this:

Click on  the light blue location and type your property valuation there. Don't type the dollar sign or comma.

Then click the word Display the bottom of the page.  You can see it at the bottom of the image above with the little padlock symbol in front of it. 

Then you will see a page like the following, with your tax values:

In this example you can see that residents with a home valued $184,400 would see a reduction of $797 in their tax bill while a non-resident with the same value of home would see an increase of $203.

Of course, the 2012 tax rate will not likely be the same as our 2011 tax rate. But our calculator starts with the best information we have today, the 2011 tax rate.

To better understand the motivation for the Homestead Tax Credit proposal and its details see our introductory article.