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Define Taxable Value in Real Estate

Taxable Value: 

Taxable value is the amount of a property's value that is used to calculate property taxes. It is usually a percentage of the property's assessed value, which is determined by a tax assessor. The taxable value might be lower than the assessed value because of certain exemptions or reductions allowed by the local government.

Example: 

For example, let's say your home has an assessed value of $300,000, and the local government allows a $25,000 homestead exemption for primary residences. In this case, your taxable value would be $275,000 ($300,000 - $25,000). Property taxes are calculated based on this taxable value.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In a land where taxes are part of the tale,
The taxable value comes into play without fail.
It's a portion of worth, of your home or estate,
On which property taxes are calculated, quite straight.