The worst case scenario would be that the taxable value was set at 50% of the market value, or $100,000 for a $200,000 home. Using the PRE (i.e., principal residence exemption or homestead) millage rate for the East Lansing school district for 2019, taxes would have been $5,525.42. The calculation formula is: Taxable Value x Millage Rate x 1.01 (1% administration fee) = TAXES or $100,000 x 0.0547071 x 1.01 = $5,525.42.