(1) Appraised Value: The market value of the property, determined by a professional appraiser, reflects what the property could sell for under normal conditions.
(2) Assessed Value: This is a percentage of the appraised value. For example, if the appraised value of a home is $300,000 and the assessment rate is 80%, the assessed value would be $240,000.
(3) Rollback: The assessed value is then adjusted by a rollback percentage of 47.4316%.
Calculation: The PPEL levy is applied to the assessed value after the rollback. For a home with an assessed value of $240,000, the taxable value after rollback would be $113,836 ($240,000 * 0.47.4316).
Tax Amount: When considering the homestead exemption only, the PPEL levy would add an estimated $73.02 to the annual property tax bill ($113,836 / 1,000 * $0.67 less the exemption). After consideration of the income surtax the estimates annual property tax increase would be approximately $57.76 annually. If one has both the homestead and senior exemptions the property tax is projected to be approximately $68.67 annually and considering the income surtax approximately $54.32 annually.
Link to Beacon-Schneider