Homestead Exemption In Georgia In Fairfax
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FAQ
The homestead application is normally filed at the same time the initial tax return for the homestead property is filed. Once granted, the homestead exemption is automatically renewed each year. Under the authority of the State Constitution, several different types of homestead exemptions are provided.
The standard homestead exemption in Georgia is $2,000. This $2,000 is deducted from the 40% assessed value of the homestead.
You must be 65 years old or older. You must be living in the home to which the exemption applies on January 1 of the year for which the exemption applies. Your net income, or the combined net income of you and your spouse must not be greater than $10,000 for the preceding year.
Property's parcel ID. Proof of residency, such as a copy of valid Georgia driver's license and a copy of vehicle registration. Recorded deed for new owners, if county records have not been updated.
Georgia homestead laws allow creditors to exempt up to $10,000 worth of their home under certain conditions. For example, if your house is worth $100,000 and you owe $90,000 on your mortgage, you have $10,000 of equity in your home, and that equity cannot be taken by creditors.
Georgia offers a homestead property tax exemption for eligible disabled Veterans, their surviving spouse or minor children. The amount for 2023 is $109,986. The value of the property that is more than of this exemption remains taxable.
In order to qualify for a homestead exemption, the applicant's name must appear on the deed to the property and they must own, occupy and claim the property as their legal residence on January 1 to be eligible for any exemption for that tax year.
To be eligible for a homestead exemption: You must have owned the property as of January 1. The home must be considered your legal residence for all purposes. You must occupy the home. You cannot already claim a homestead exemption for another property in Georgia or in any other state.
