![]() ![]() The Assessor will apply this exemption and verify the amount to the County Assessment Office. ![]() This exemption lasts for 4 years after the new improvement is complete. The Homestead Improvement Exemption reduces the EAV of an owner-occupied property, up to $25,000 assessed ($75,000 market value) based on the value of a qualifying new improvement added to the existing assessment. This exemption is the only exemption processed by the Grafton Township Assessor. Click HERE for the General Homestead Exemption application form. Maximum exemption increases to $8,000 in the 2023 (payable 2024) year. Under 35 ILCS 200/15-175, qualified taxpayers are permitted the exemption that will remove up to $6,000 from the equalized assessed value before taxes are calculated. It is available for all owner-occupied residences. Your Northumberland County tax rate is: 0.0049339įor more detailed information please view ou r 2022 Tax Information Brochure.The General Homestead Exemption application reduces the equalized assessed value. The 2022 residential tax rates are as follows: It analyzes sales of comparable properties in the area.Īs an example, here's how your tax bill is divided for an average home in Cobourg.Īn average assessed value for a home in Cobourg for 2022 is $275,700 which results in a property tax bill of $4,114 which is distributed as follows: To establish your property's assessed values MPAC uses a system called Current Value Assessment or CVA. Taxes are calculated based on your property assessment as determined by the Municipal Property Assessment Corporation (MPAC). ![]()
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