Homestead Exemption

If you purchased a home last year in Cobb County, including Smyrna, Vinings, Marietta, Mableton, Austell, Kennesaw and Acworth, you may want to hurry up and file for your Homestead Exemption. While you can file at any time during the year, you must file by March 1st to claim the Homestead Exemption for this year.

The Homestead Exemption reduces homeowners’ property taxes. To qualify, the homeowner must apply for this exemption on or before the filing period ends. Once granted, this exemption is automatically renewed each year as long as you continually occupy the home under the same ownership.

The home must be your primary residence. You cannot file for homestead exemption on rental property, vacant land or on more than one property. In addition to basic homestead exemption there are additional exemptions for residents age 62 and older and/or disabled and disabled veterans. You must apply for these exemptions in person in most cases.

Homeowners who meet the regular Homestead Exemption requirements are entitled to a $10,000 exemption in the county general and school general tax categories. The regular Homestead Exemption was worth $257.70 in 2007.

As a result of the Homeowner’s Tax Relief Grant Program enacted by the Governor and the General Assembly of the State of Georgia, homestead property receives a tax credit each year which is reflected on the property tax bill.

The Cobb County Taxpayer Reassessment Relief Act, which affects homestead property that is reassessed, automatically increases the Homestead Exemption amount in the county general tax category by the same amount that the value increases. So while the initial Homestead Exemption results in a $10,000 credit against your assessed value, in subsequent years this credit will increase with any increase in assessed value.

If you have any other Cobb County real estate questions, don’t hesitate to contact us.

[tags]Cobb County, Homestead Exemption, Smyrna Real Estate, Cobb County Real Estate[/tags]

About the Author ()

Aaron Hofmann is the founder of and also a Realtor with Atlanta Communities focused on the Smyrna real estate market and the Vinings real estate market. Aaron is a transplant from the Midwest (amazingly not a native Atlantan) and has lived in the Smyrna Vinings area for over 10 years. Find Aaron Hofmann on Google+

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