If the property value is $490,000 and the homestead exemption is $20,000, what is the taxable value?

To determine the taxable value of the property after applying the homestead exemption, you start with the full property value of $490,000. The homestead exemption allows for a reduction in the taxable value, effectively excluding part of the property's assessed value from taxation. In this case, the homestead exemption is $20,000.

When you subtract the homestead exemption from the property value, the calculation is straightforward:

$490,000 (property value) - $20,000 (homestead exemption) = $470,000 (taxable value).

This shows that the taxable value, which is what the property owner will be taxed on, is $470,000. This understanding of how exemptions affect property taxes is crucial for homeowners and real estate professionals alike, as it directly impacts fiscal responsibilities and financial planning related to property ownership.