Purchasing a home is a significant milestone in life, and for Georgia homeowners who bought their property in 2023, there’s an opportunity to save on property taxes through the Homestead Exemption. Let’s explore the reasons why filing for Homestead Exemption is beneficial and provide a step-by-step guide to help new homeowners in Georgia prepare and file for this valuable exemption!
Why File for Homestead Exemption in Georgia:
Property Tax Relief: One of the primary reasons to file for Homestead Exemption is to enjoy property tax relief. The exemption reduces the assessed value of your primary residence, leading to lower property taxes.
Protection from Assessment Increases: Homestead Exemption also provides protection against certain types of assessment increases. In Georgia, once you qualify for the exemption, your property’s assessed value for school taxes cannot increase by more than 3% annually.
Asset Protection: Filing for Homestead Exemption can offer a level of asset protection by preventing creditors from forcing the sale of your primary residence to satisfy debts.
Steps to prepare for filing for Homestead Exemption
Understand Eligibility Criteria:
-To be eligible for Homestead Exemption, the property must be your primary residence as of January 1st of the tax year.
-You must be a legal resident of Georgia.
Verify Purchase Date:
-Ensure that you purchased your home in 2023 (or before). Homestead Exemption is generally applicable for properties acquired before a specific deadline in the tax year.
Gather Necessary Documents:
-Collect relevant documents, including proof of ownership (deed or settlement statement), have the property address listed on your state ID, and have all vehicles registered at property address.
Complete the Application Form:
-Obtain the Homestead Exemption application form from your local county tax assessor’s office or their website.
-Fill out the form accurately, providing all required information.
Submit the Application:
-Submit the completed application along with supporting documents to the county tax assessor’s office.
-Be mindful of the submission deadline, which is typically in early April.
Keep a Copy for Your Records:
-Make a copy of the submitted application and supporting documents for your records.
Follow Up:
-Check the status of your application after submission. The county tax assessor’s office may contact you if additional information is needed.
County Links
Cobb – https://www.cobbtax.org/property/exemptions.php
Dekalb – https://dekalbtax.org/file-homestead-exemption
Fulton – https://fultonassessor.org/exemptions/
Gwinnett – https://gwinnetttaxcommissioner.publicaccessnow.com/Home.aspx
Clayton – https://www.claytoncountyga.gov/government/tax-commissioner/exemptions/
Cherokee – https://www.cherokeega.com/tax-assessors-office/homestead-exemptions/
Henry – https://henrycountytax.com/169/Homestead-Information
Forsyth – https://www.forsythco.com/departments-offices/board-of-assessors/homestead-exemption
Paulding – https://www.paulding.gov/89/Homestead-Exemptions
Douglas – https://douglastax.org/new-homestead-exemption-applications/#:~:text=The%20Regular%20Homestead%20Exemption%20is,residence%20as%20of%20January%201st.
Filing for Homestead Exemption in Georgia is a wise move for homeowners who purchased their property in 2023. Beyond the immediate relief on property taxes, the exemption provides long-term benefits, including protection against assessment increases and asset preservation. By understanding the eligibility criteria and following the steps outlined in this guide, new homeowners can navigate the process smoothly and enjoy the financial advantages of Homestead Exemption. Have more questions? Connect with us here!