How do I know what my taxes will be with a Regular Homestead Exemption?

In order to calculate an estimate of your real estate taxes you must first know the market value (appraised value for tax purposes) of your property.  If you do not know the appraised value for tax purposes you can use your sales price, the market value determined on a recent appraisal done for mortgage purposes or your own estimate of market value.  Of course, this will leave you with only an estimate.  The formula is as follows:

Example:        Owner-occupied residential property (HOMESTEAD applied for an in effect):

SAY:  $125,000 (Appraised Value) X 10% (Assessment Level) $12,500 (Assessed Value) X .0345 (City Millage Rate) $431.25 -    41.00 (Homestead Exemption) $390.25 (Annual Real Estate Taxes)

Appraised Value X Assessment Level = Assessed Value Assessed Value X Millage Rate = Annual Real Estate Taxes Annual Real Estate Taxes Less $41.00 (homestead exemption) = Annual Real Estate Tax Bill with Homestead Exemption in Effect