Bought your home last year? File for your Homestead Exemption!

by | Jan 25, 2017 | Blog, Money Saving Ideas & Tips

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:

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
Learn More About Fulton County Homestead Exemptions
Gwinnett County: $10,000 for the County taxes, $4,000 off of the school, and $7,000 off recreation
Learn More About Gwinnett County Homestead Exemptions

How does this affect my bill?

Example 2016 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.