It’s that time of year again…the deadline is approaching to file for your Homestead Exemption! All Georgia residents who purchased a primary residence in 2019…we are talking to you!
As a homeowner, a homestead exemption gives you tax breaks on what you pay for in property taxes. By filing for the homestead exemption you will receive a reduction of your home’s assessed value each year going forward as long as you reside in the home as your primary residence.
All that sounds great right? So…what now?
To file for the Homestead Exemption you will need to bring your drivers license (with your correct property address) and a January utility bill showing service in December 2019 to your respective county tax assessor’s office. The Homestead Exemption MUST be filed before April 1, 2020. You only need to file for the Homestead Exemption one time. Easy right? We think so.
Chatham County Residents – read the below to see if you should file in 2020!
- In Chatham County, when you file for your Homestead Exemption you will also file for the Stephens-Day Exemption. This exemption locks in your home’s fair market value which will keep your assessed value from spiking in value over the years. In order to know if you should file for the 2020 Homestead Exemption if you purchased your primary residence in 2019, you will need to located your home’s Property Record Card on chathamtax.org and find the 2019 APPRAISED TOTAL VALUE.
- If the 2019 Appraised Total is EQUAL or LESS than what your purchased your home for in 2019, then you should file for the Homestead Exemption before April 1, 2020.
- If the 2019 Appraised Total is MORE than what you purchased your home for in 2019, then you should wait to file for the Homestead Exemption until next year before April 1, 2021. You should received an Annual Notice of Assessment in mid-May 2020 with a Current Fair Market Value equal to what you purchased your home for in 2019. If your purchase price is not reflected on this assessment, you can then appeal the value with the county.
***Please note, there are exemptions to the above rules and we highly encourage you to contact your real estate agent or closing attorney prior to deciding whether or whether not to file for your Homestead Exemption.
All GA residents in Effingham, Liberty, Bryan, Bulloch, Long, Glynn, Tattnall, or McIntosh counties who purchased their primary residence in 2019 should file for their Homestead Exemption prior to April 2, 2020.
For any questions about whether you should file for your Homestead Exemption, contact Seaport at info@seaportrealestate.com or 912-202-2042.