In the state of Georgia, you can expect to see your tax bill around the first week of June. Just FYI, our tax is ad valorem tax, which means each owner pays his fair share based on the appraised value of the property on January 1 of the year in question. Your county tax assessor will determine said value. When you see your bill, don’t be alarmed; there is no relationship between the value of your home and the assessed value for tax purposes. This assessment will be lower than the actual value of your property and this assessment has no bearing on that value should you decide to later sell your home.
Now for a bit of good news. On January 1st of each year, every property owner in Georgia has the right to file a taxpayer’s return of property with the tax assessor in the county where the property is located. The Georgia PT-50R form notifies the assessor of your opinion of the value of the property in question. It takes about 10 minutes to complete. Your estimate of value should be based on sales of comparable homes, however, if you don’t have the data to back up your estimate of value, don’t worry. Simply completing the form alerts the county that you want them to re-examine their estimate of value before the tax bill is issued. Just make sure your current estimate of value is lower than the value from the previous year. If your value is truly higher, don’t file. This form must be postmarked, or hand delivered to the local Board of Tax Assessors by April 1st. If you decide to hand deliver, make sure to get a receipt.
New Homeowners
Every new homeowner that purchased a home the previous year, can file for a homestead exemption by April 1st of the current year. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. You must file with the county or city where your home is located. Per Georgia law, anyone that is away from their home because of medical reasons will not be denied. A family member or friend can notify the appropriate tax authority and the homestead exemption will be granted.Homestead applications that are filed after April 1 will not be granted until the next calendar year.Additionally, a number of counties have implemented an exemption freezes the property valuation at the base year valuation for as long as the homeowner resides on the property.
Seniors
Seniors are eligible for additional exemptions. Persons aged 65+ are eligible for a $4,000 exemption from all county ad valorem taxes if their income and their spouse, if applicable, doesn’t exceed $10,000 for the prior year. Income from retirement sources, disability income, and pensions is excluded up to the maximum amount allowed for individuals and their spouses under the federal Social Security Act. The social security maximum benefit for 2023 is $87,048. Persons aged 62+ that are residents of either an independent school district or county school district may claim an additional exemption from all ad valorem taxes for educational purposes following the same income guidelines above.
There are additional exemptions for surviving spouses of U.S. service members firefighters, or peace officers, as well as disabled veterans and their spouses. More information on these exemptions can be found on the State’s Department of Revenue website.
