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The Homestead Market Value Exclusion (HMVE) program replaced the Market Value Homestead Credit program for taxes payable in 2012 and beyond. Learn more about the HMVE program and get examples of how HMVE is applied.
How HMVE works for homeowners
- Homeowners do not need to take any action in order to benefit from the HMVE program. The exclusion is calculated automatically.
- The maximum exclusion applies to homes valued at $76,000 or less. The exclusion at that level is 40% of the assessed market value ($30,400). The remaining market value ($45,600) would be used for determining the taxes owed.
- As home market value increases, the portion of market value eligible for exclusion phases out. It hits zero at a home valued at $413,778.
- It is important to note that market values are determined in the year prior to the year in which taxes are paid. For taxes paid in 2024, the market values were set in early 2023.
Table: Examples of applying the HMVE
Note that the exclusion amounts in this table are effective beginning with taxes payable 2026.
| Factors for Determining Taxes Owed | Market Value $76,000 | Market Value $150,000 | Market Value $300,000 | Market Value $450,000 |
|---|---|---|---|---|
Exclusion amount | $30,400 | $23,740 | $10,240 | $0 |
Remaining market value | $45,600 | $126,260 | $289,760 | $450,000 |
Tax capacity of remaining market value (used to calculate taxes) | $456 | $1,263 | $2,898 | $4,500 |
Taxes owed (calculated using average total tax rate of 110.92%) | $505.80 | $1,400.48 | $3,214.02 | $4,991.40 |
