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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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