There are many benefits to owning a home. But there are also certain responsibilities you don’t look forward to—like paying your annual property taxes. This bill can place an unwanted strain on any homeowner’s wallet.
However, you may not realize that there are actually opportunities to get a reduction in the amount you owe. In today’s post, we examine a few common methods of getting a property tax break:
- Property valuation appeal: The amount of property tax you owe depends on the value a tax assessor places on your property. Let’s say your tax rate is 1 percent of the value of your house. If the assessor determines your house is worth $300,000, but you suspect this figure is an overestimate, you can appeal the decision. If the appeals board decides that your home is in fact worth $250,000, then you’ve just reduced your property tax from $3,000 to $2,500.
- Homestead exemption: Under Georgia law, the first $2,000 of the value of your home can be exempt from county and school taxes. This exemption can increase significantly for qualifying tax payers, and depending on your county of residence.
- Qualifying circumstances: Georgia also offers considerable tax breaks for certain types of residents—e.g., if your spouse was a peace officer, firefighter or veteran killed in the line of duty; if you are a disabled veteran or if you’re at least 62 years old and meet certain eligibility criteria.
While property tax applies to any resident in the state of Georgia, the application of this tax varies by county. To make sure you’re getting the biggest possible tax break, it’s worth consulting with an experienced tax specialist in your area.