Homestead Exemption Requirements

As you are organizing the receipts and getting your tax information in order to file, there is one important thing to remember for all homeowners (as of January 1, 2011): the Georgia homestead exemption. If you have not previously filed your homestead exemption, now is the time! This exemption allows you, the homeowner, to apply for homestead tax exemptions on your principal residence, therefore reducing the amount of taxes you pay on that property. Take a look at the imformation below, and don’t get overwhelmed. This one is pretty straight-forward.

Basic Requirements for Homestead Exemption

  • You must be a legal resident of the county.
  • You must own and occupy the home as of January 1 of the year the homestead exemption is sought.

Deadline for Filing Homestead Exemption:

  • In most counties, the application must be filed by March 1 of the year the exemption is sought, but some counties have a later deadline.
  • In Fulton, DeKalb, Cobb and Gwinnett County the deadline is April 1st.

How Long will the Homestead Exemption Last?

  • The homestead exemption will remain on the property until there is a change in ownership.

What is the Homestead Exemption Amount?

  • These amounts are a reduction in what the amount that the taxed is based on.

As of January, 2012:

Fulton County:

DeKalb County:

  • Depends on whether a property tax assesment freeze had been applied for.
  • More Information

Gwinnett County:

  • $10,000 for the county taxes
  • $4,000 off of the school
  • $7,000 off recreation
  • $2,000 off of the state
  • More Information

Cobb County:

  • $10,000

How Does this Affect my Bill?

  • Example 2011 Cobb county property tax amounts:
  • Market value: $100,000
  • Taxable value (40% of market value): $40,000
  • Less exemptions (assuming value): $10,000
  • $30,000: Multiply by Millage Rate 0.03026. Property Tax: $907.80
  • Without homestead exemption, the county property taxes would be $1,210.40

How do I File for the Homestead Exemption?

Please contact your County Tax Commissioner to determine the filing procedures in your county. Some counties require that you submit your application in person, while some have online filing procedures.

Fulton County       DeKalb County      Cherokee County

Article Source: McManamy |  McLeod |  Heller

posted: Jan 24, 2012 | No Responses

Posted by:  Wakamo & Associates

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