As the year begins to come to a close, you might begin to think about getting your ducks in a row for tax purposes. So, why are we talking about Homestead Exemptions? Flat out… they save you money! While you can’t file for an exemption for 2014, you can get a head start on 2015 tax season. And why not?!? A standard Georgia Homestead Exemption can save you up to $2,000 in tax liability per calendar tax year. Additional savings apply to those 62 years and older, as well as disabled veterans and surviving spouses, and surviving spouses of US Service Members, Peace Officers and Firefighters.
Most counties, especially in Georgia have a filing date of April 1 for Homestead Exemptions on properties owned by January 1 of that calendar tax year, but some may differ. You will want to refer to the Local Government Services Division of the Georgia Department of Revenue for information pertaining to your specific county.
To be eligible for a Homestead Exemption, according to the Georgia Local Government Services Division (GLGSD), the person filing for the exemption must actually live in the home and it must be considered their legal residence. There are several exceptions that are noted on the GLGSD webite. The proper Homestead Exemption must be filed with the appropriate county office on or before the deadline to qualify for that years tax return.
Not in the State of Georgia? No problem! Simply search for your State AND County with the words “Homestead Exemption” to find out how to keep a little more coin in your pocket.