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A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. You must file with the county or city where your home is located. Each county has different applications and required documents.
The State of Georgia offers homestead exemptions to all qualifying homeowners. In some counties they have increased the amounts of their homestead exemptions by local legislation above the amounts offered by the State.
THE FACTS. 1. What will the new homstead exemption provide? This new statewide homestead exemption limits the amount the assessed value of a home can increase to the inflation rate of the prior year. 2. What taxes would the proposed exemption apply to? All county, city, and school taxes, except those used to repay bonds.
Let’s say the fair-market assessment value of a home increases from $10 million to $12 million. That’s a 20% increase. But if the annual Georgia inflation rate is only 3.5%, then the assessment increase would be capped at $350,000 (3.5% of $10 million). Consequently, fully $1.65 million of the increase in the home’s value is tax exempt.
Georgia Amendment 1 – PASSED. Georgia voters approved this measure with over 60% of the vote as of 11:30 p.m. on Tuesday night. The Associated Press called it earlier in the evening. This homestead tax exemption will freeze the values of all homesteads in Georgia for the purposes of property taxes, capping property tax increases statewide.
If you qualify, then you can apply for a homestead exemption. That wouldn't change. But what will change is how local governments assess property taxes on your homestead-exempt home.
Homestead Exemptions UPDATE April 2024: Fulton County homeowners who are over age 65 and who live outside of the City of Atlanta may be eligible for a new $10,000 homestead exemption providing relief for the Fulton County Schools portion of property taxes.
The standard homestead exemption in Georgia is $2,000. This $2,000 is deducted from the 40% assessed value of the homestead. Additional homestead exemptions are offered for: seniors over 65, seniors over 62, disabled veterans, and. the surviving spouses of public safety officers, firefighters, disabled veterans, and military members.
You must own your home and reside in the home on January 1st of the year in which you apply for the exemption. The exemption will reduce the assessed value for county taxes by $15,000 and $4,000 for school. You only file once as long as you live in the same house.
A homestead exemption significantly reduces the amount of annual property taxes homeowners owe on their legal residence. Applications are accepted in person year-round. If applying online, current year exemptions must be applied for between January 1 and April 1.