|
A homestead exemption is a reduction in homeowners’ property taxes. To qualify, the homeowner must apply for this exemption on or before March 1st. Once granted, this exemption is automatically renewed each year as long as they continually occupy the home under the same ownership. The home must be your legal residence for all purposes including the registration of your vehicles and the filing of your income tax. You cannot file for homestead exemption on rental property, vacant land or on more than one property. The filing period is January 2 through March 1st. 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. For additional information and requirement, please contact (912) 583-4131.
BASIC HOMESTEAD EXEMPTION
To be eligible for this exemption, you must meet the following requirements:
*Must be a legal resident in the City of Mt. Vernon and Montgomery County.
*Must own and occupy your home as of January 1.
Standard Homestead Exemption
The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead. The owner of a dwelling house of a farm that is granted a homestead exemption may also claim a homestead exemption in participation with the program of rural housing under contract with the local housing authority. (O.C.G.A. § 48-5-44) How to Figure a Homestead Exemption
The basic formula to figure the tax on a home using the State's standard $2,000 homestead exemption is:
[(40% * FMV) - $2,000] * millage rate = tax due.
Example: If a person that owned a home with a market value of $100,000 in an unincorporated area of a county where the millage rate was 25.00 mills, that person's property tax would be $950.00 ( millage rates for motor vehicles in 2008 were the same rates applied to real property in 2007). Multiply $100,000 by 40% which is equal to the assessed value of $40,000 and subtract the homestead exemption of $2,000 from the assessed value. Then multiply $38,000 by .02500 which is equal to $950.00 There are not LOCAL homestead exemptions offered in this county.
|
