Assume your primary residence in Monroe County (Perry Township) is valued by the assessor's office at $350,000 (this is your gross assessed value). For FY 2020 , the local tax rate in Perry Township is $2.06 per $100 of the property's taxable value. You are eligible to receive the Homestead Standard Deduction, which is the lesser of $45,000 or 60% of the gross assessed value (further assume you are not eligible for the Supplemental Homestead Deduction). Note that property tax caps will prevent you from paying more than 1% of the gross assessed value in property taxes. What is your property's taxable value? What is your total tax bill for 2020 ? Taxable value: $305,000; total tax bill: $6,283 Taxable value: $305,000; total tax bill: $3,500 Taxable value: $140,000; total tax bill: $3,500 Taxable value: $140,000; total tax bill: $2,884