Happy New Year! As the new year begins, it reminds me that the upcoming tax season is approaching which always has me thinking about ways to save on taxes. One way to save on property taxes is to file for a homestead exemption. If you bought a home last year (2020), you need to apply for a homestead exemption. Why? Bottom line…to save on your 2019 property taxes! The deadline to apply for an Atlanta homestead exemption is April 1st. Mark your calendars! You only have to apply for a homestead exemption one time and then it will roll each subsequent year (unless there is a change in ownership, name, or spelling correction on the deed, or if you seek to qualify for a different type of exemption).
To be eligible for an Atlanta homestead exemption, you need to meet these requirements:
- Must be a legal resident in the county which you are claiming your homestead exemption in.
- Must own and occupy your home as of January 1st 2021. (So if you bought a home between Jan 1, 2020 – Dec 31, 2020…that includes you!)
- You cannot claim a homestead exemption on multiple properties, rental property, or vacant land.
There are also other special exemptions for residents over 62 years of age, disabled veterans, and other disabled persons. Check your local county’s homestead exemption website page for more details.
Below is a list of several links to the counties’ homestead exemption application page.
You will need your property PIN number when completing the application. You can find this by simply looking up your property address in your county’s property information section.
Still wondering what exactly a homestead exemption is? Read on for a very simplified example:
Example of How An Atlanta Homestead Exemption Saves on your Property Taxes:
- Let’s say the Market Value of your Home Is: $100,000.00
- The Taxable Value Is (40% of Market Value): $40,000.00
- Less Exemptions (let’s assume in your county it’s $10,000) $10,000.00
- $50,000.00: Multiply by Millage Rate 0.03026. Property Tax = $1,513.00
- Without Homestead Exemption, the county property taxes would be $1,815.60. ($60,000 x 0.03026) Total savings of about $300 per year.