When it comes to owning a home, there’s no greater feeling of security and accomplishment than knowing you have a place to call your own. In Georgia, as in many other states across the United States, homeowners are offered a valuable benefit known as the “Homestead Exemption.” This exemption is designed to provide property tax relief to eligible homeowners, making it easier for them to protect their homes and savings. In this blog, we’ll dive into the details of homestead exemptions in Georgia, how they work, and the benefits they offer to homeowners.
What is a Homestead Exemption?
A homestead exemption is a legal provision that reduces the taxable value of a homeowner’s primary residence, ultimately leading to a lower property tax bill. The primary goal of this exemption is to provide financial relief to homeowners who use their property as their permanent residence, preventing property taxes from becoming a financial burden. It is important to note that homestead exemptions are generally only applicable to a homeowner’s primary residence, not additional properties or investment properties.
Types of Homestead Exemptions
There are several types of Homestead Exemptions, some offered by the State of Georgia, and some offered by counties. Homestead Exemptions offered by counties differ by county. The most common Homestead Exemptions are:
- Standard Homestead Exemption: This is the most basic homestead exemption available to all homeowners who use their property as their primary residence. It typically offers a reduction in the assessed value of the property, resulting in lower property taxes.
- Individuals 65 Years of Age and Older Exemption: Georgia provides additional property tax relief to homeowners aged 65 and older. This exemption is in addition to the standard homestead exemption and varies depending on the homeowner’s age and income.
- Disabled Veteran or Surviving Spouse Exemption: Disabled veterans and the unremarried surviving spouse of a disabled veteran, who meet specific qualifications can benefit from this exemption, which provides additional property tax relief on their primary residence.
- Surviving Spouse of U.S. Service Member Exemption: The unremarried surviving spouse of a member of the armed forces who was killed in, or died as a result of any war or armed conflict qualifies for an additional homestead exemption that is set annually.
- Surviving Spouse of Peace Officer or Firefighter: The unremarried surviving spouse of a peace officer or firefighter killed in the line of duty qualifies for a homestead exemption of the full value of the homestead as long as the applicant occupies the residence as a homestead.
Eligibility Criteria
To qualify for a Homestead Exemption, the applicant must:
- Be the homeowner.
- Reside in the property as their primary residence.
- Meet any additional requirements based on age, income or status.
- File the appropriate application and submit all required documentation by the deadlines set in the county.
Homestead Exemptions in Georgia are a valuable resource for homeowners looking to secure their primary residence and save on property taxes. By understanding the types of exemptions available and meeting the eligibility criteria, homeowners can take advantage of these benefits and achieve property tax savings. If your estate plan includes a trust that owns your home, its important that you reapply for your Homestead Exemption in the Trust’s name to continue receiving the benefit of the exemptions. At Grissom Law, we work with clients to ensure their estate plans meet their needs. Call us today at 678.781.9230 to schedule time to discuss your estate plan.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.