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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.
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.