The Basic Homestead Exemption
Free Money in the Form of a Property Tax Break.
In a nutshell, The Basic Homestead Exemption reduces your property tax burden. You must own and occupy your home as your primary residence on or before January 1. If you bought or owned a primary residence (but have not yet applied for it) beginning January 2 you will not qualify for the Homestead Exemption for the current year. But you may apply for it now to take effect the following year. New homeowners may do so after they receive their deed.
It’s so easy to apply online. Check with your county or city government website for the link. You will need your deed to file. The filing deadline to receive credit for the following year is March 1st. If you don’t feel like applying because it’s a hassle, or you don’t need the money simply calculate what your savings would have been times the years you have owned or will live in the home and mail me a check. ;)
HOW DO I KNOW IF I HAVE THE BASIC HOMESTEAD EXEMPTION & Equalized Option Sales Tax (EHOST)?
Break out your latest tax assessment or find it online. You have The Basic Homestead Exemption if there are values in the exemptions column. If you have all zeroes in the exemptions column, you do not have the basic homestead exemption. This homeowner does. See the example to the right.
You’ll notice the homestead exemption on this bill is $99.73. The column next to it is the EHOST credit of $2,350.41. Equalized Homestead Option Sales Tax (EHOST) is a penny tax on goods. 100% of that money goes toward reducing your property tax burden. This year they saved $2,450,14 in property taxes! Also notice that the value of her home according to the appraisal department increased from last year by about $40K. Which means her tax burden increased this year. If the appraised value remained the same for 30 years then she would save $73,504.20 in property taxes. We know that the value might fluctuate year over year so she might expect more savings than that over time.
YOU MAY QUALIFY FOR ADDITIONAL EXEMPTIONS
Beside the Basic Homestead Exemption there are additional exemptions for which you may qualify. They vary by county and city. Some examples of additional exemptions are:
If you are retirement age and of a specific income
A disabled veteran
A disabled citizen
Unmarried widow of a veteran
Unmarried surviving spouse of a firefighter or peace officer
In very specific situations you may even be able to file for a property tax freeze.
WHAT INFORMATION WILL I NEED IN ORDER TO FILE?
Check with your county board of assessors or city website for the specific documents you will need.
You may need:
The parcel number of your property. You can find this info in the following places: Online at your board of assessors website, on your last property bill, on your last Annual Notice of Assessment.
The owner’s name (if more than one, all owners need to be on the form)
Owner’s property address
Home phone, work phone
Social Security numbers
Legal state of residence
A copy of your valid GA driver’s license or other identification
Vehicles registered—all tag numbers and counties where they are registered Your date of birth
Your signature (you can sign electronically with your initials)
