Taxes-homestead exemption confusion
Not sure the best way to word this succinctly, so I'll use an example. I bought a house in September 2021 for 480,000. It was appraised in January 2022 for 530,000 It was taxed last year at an appraised value of 330,000. The previous owner had a homestead exemption and 65+. I will be applying for the homestead exemption as this is my primary residence.
Here is the question: Will the 10% cap from the homestead exemption be applied to 330,000 or my current value of 530,000? Or am I completely off in general? Thanks