One of your responsibilities as a homeowner is the payment of state and county real property ad valorem taxes. Depending on the area in which your property is located, you may also be responsible for city taxes. Taxes are assessed by the county tax assessor on 40% of the appraised value of the property. This tax value is based upon the value of the property as of January 1 of the year in which it is being valued. Tax bills are generated and collected by the county tax commissioner. These tax bills are generated by using 40% of the assessed value of the property minus any applicable exemptions and then multiplied by the millage rate for the county. The most common exemption for reducing these county taxes is the homestead exemption. The homestead exemption amount varies from county and county, as does the deadline and required documents for filing the exemption. However, your local county tax commissioner office can provide you with the needed information.