How do I calculate my homestead property tax credit if my home is a duplex?
If your home is a duplex, your principal residence exemption (P.R.E.) is less than 100% but greater than 0% P.R.E. You must subtract the school operating tax, any special assessments and penalty/interest charges from the total taxes levied. Multiply the remaining balance by the P.R.E. percentage indicated on your property tax statement to compute the taxes levied that can be claimed for credit.
Example using P.R.E. of 50%:
|Less School Operating||
|Less Special Assessment||
Total $1,785.00 (x) 50% (.50) of P.R.E = $893.00
Taxes allowed for credit = $893.00