The City of Saginaw currently grants a residence homestead exemption for persons who are 65 years of age or older.  The exemption has changed through the years;  in 1974 the exemption was $3,000, in 1981 it was increased to $6,000, in 1984 it was increased to $25,000, in 1985 it was increased to $30,000, in 2002 it was increased to $40,000, and in 2007 it was increased to the current $50,000.

The exemption reduces the appraised value of a property thus decreasing the taxes owed.

The following is an example of the estimated property tax savings for a person over 65 with an appraised value of $200,000:

Appraised value of a home  $200,000

less exemption                    ($100,000)

taxable value                        $100,000

The tax rate is applied to the taxable value of the home which is the appraised value less the exemption.

With the 2021 tax rate, a senior homeowner would have a total estimated tax savings of $479.51 due to the $100,000 exemption.  That is an increased savings of $239.75 over the current $50,000 exemption.