The fact that you are paying very close to 1% of your NET assessed value is purely a coincidence. The 1% property tax cap is based on GROSS assessed value (not NET assessed value.)
Of all the available deductions, the Homestead and supplemental homestead deductions are the two the matter the most. The homestead deduction allows you to deduct 60% of the assessed value---up to a maximum of $45,000. The supplemental deduction allows you to deduct 35% of the remaining (after the homestead deduction is subtracted) value under $600,000 and 25% of the amount over $600,000. This can be a substantial amount of money.
The mortgage deduction is the balance of your mortgage WITH A MAXIMUM OF $3000. The over 65 deduction is only available if the assessed value is under $182,430 AND your adjusted gross income is under $25,000. The dollar amount of this deduction is relatively small (when compared to the homestead deductions.)
The added tax for a second garage is high, but it is what the legislature specified. The thought was that taxes should be low for necessities and higher for luxuries. Having multiple garages is apparently a luxury while having a single ten car garage is not.
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Today's Featured Article - More Memories of a Field Service Engineer - by Brian Dye. Introduction: The author worked for one of the largest Ford tractor dealerships in England as a trouble-shooter on tractor engines, hydraulics and combine harvesters from 1963 to 1972. In 1972 he became a dealer manager and finally left the dealer net in 1975 to run his own electronic design and manufacturing company. [Editor] We live right in the middle of Norfolk. The dealership that I worked for sold Fordson Tractors from the 1920's and some of t
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