Property Homestead Tax Exemption — Be in the Know
Whether you are buying or selling a home, be sure to understand your tax liabilities and benefits. Consulting a professional can help guide you through this financial transaction.
In Georgia, most counties and cities offer homestead exemptions. Homestead exemptions have been enacted to reduce the amount of property tax paid on residential property. Exemptions apply to your primary residence, and you must provide proof of your legal residence. A homeowner(s) is entitled to a homestead exemption on a home, provided the home was owned by the homeowner(s) and was the legal residence as of January 1 of a particular tax year.
Exemption for Educational Purposes - Individuals 62 years or older of age and who are residents of an independent school district and/or a county school district may claim an additional exemption. The age requirement may differ from jurisdiction to jurisdiction.
Disabled Veteran or Surviving Spouse - Qualifying disabled veteran may be granted an exemption of $60,000 plus an additional sum from paying property taxes for county, municipal, and school purposes. The additional sum is determined according to an index rate set by the United States Secretary of Veterans Affairs (USSVA). The amount for 2017 was $77,307, and the value of the property in excess of this exemption amount remains taxable. This exemption is extended to the un-remarried surviving spouse or minor children as long as they continue to occupy the home as a personal residence.
Surviving Spouse of U.S. Service Member - The un-remarried surviving spouse of a member of the armed forces who was killed in or died as a result of any war or armed conflict will be granted a homestead exemption from all ad valorem taxes for county, municipal and school purposes in the amount of $60,000, plus an additional sum. The additional sum is determined according to an index rate set by the USSVA. The amount for 2017 was $77,307. The surviving spouse will continue to be eligible for the exemption as long as they do not re-marry.
Surviving Spouse of Peace Officer or Firefighter - The un-remarried surviving spouse of a peace officer or firefighter killed in the line of duty will be granted a homestead exemption for the full value of the homestead for as long as the applicant occupies the residence as a personal residence.
These exemptions are available to qualified homeowners. Each city and county differs, so be sure to contact your Realtor, financial advisor or tax accountant for more information.
Army Veteran Melissa Krudwig is a Realtor and is the team leader for The Think Melissa Team, with more than 30 years of combined team experience. www.thinkmelissa.com TheBearofRealEstate.com
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