Don’t Forget to File for Georgia’s Homestead Exemption!

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As we near the end of the year, it’s time to start thinking about filing for Georgia’s Homestead Exemption! If we had the pleasure of helping you buy your home in 2017, and it is indeed your primary residence, be sure to file for Georgia’s Homestead Exemption no later than March 1, 2018. It’s a guaranteed discount on your property taxes!

Basic Requirements for Homestead Exemption:

  1. Must be legal resident of the county; and
  2. Must own and occupy 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.

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, 2017:

Cobb County: $10,000

 

DeKalb County: $12,500 for school taxes and $10,000 for county taxes
Learn More About DeKalb County Homestead Exemptions

 

Fulton County: $30,000.00 for Atlanta/Fulton

 

Gwinnett County: $10,000 for the County taxes, $4,000 off of the school, and $7,000 off recreation

 

How does this affect my bill?

Example 2017 Cobb County Property Tax amount:

Market Value
$100,000
Taxable Value (40% of Market Value) $40,000
Less Exemptions (assuming $10,000)
$10,000
$50,000
Multiply by Millage Rate
0.02875
Property Tax
$1,437.50

 

Without a Homestead Exemption, the county property taxes would be $1,725.00. In many property tax bills, there are also city taxes, school taxes, recreation taxes and other taxes which would amplify the savings that would be made by applying for the homestead exemption.

As always, you reach me at jill@heineckandcompany.com with any questions!

Jill Heineck
Associate Broker
Heineck & Company at Keller Williams Realty
Phone: (404) 418-9157
Email: jill@heineckandcompany.com

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