Homestead Tax Exemptions

The Most Wonderful Time of the Year Just Got an Upgrade!

No matter what holiday you’re celebrating this year, let a homestead tax exemption make them even happier. A homestead tax exemption is a legal provision that reduces the amount of property taxes. As long as a homeowner owns and occupies their home as their primary residence by December 31st, they can claim a homestead exemption deduction for the following year. Don’t fret if, as an owner, you’re away for health reasons, you still qualify and can have a friend or family member apply for you.  

What Do I Do Next? 

You must complete a homestead application and file it with your tax commissioner’s office or an approved tax assessor’s office. As a homeowner, you can file anytime during the prior year until the filing deadline (April 1st)  and must have owned the property on January 1st. Make sure to look up your county’s tax commissioner’s Covid-19 protocols as things may have changed.

There are different exceptions offered by states and counties. For example, in the state of Georgia:

~Standard Homestead Exemption 

The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a homestead exemption in an amount determined annually by the county in which the property is located.

~Individuals 65 Years of Age and Older May Claim a $4,000 Exemption 

Individuals 65 years of age or over may claim an additional exemption as determined by your county. 

~Disabled Veteran or Surviving Spouse

Qualifying disabled veterans may be granted an additional exemption.

*Look at your state’s website for more in-depth exemptions and explanations. Also, County exemptions are often more beneficial to the owner, so don’t just review those offered at the state level.

Happy Holidays and Happy Homestead Tax Exemption Season!

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