Floating, Inflation-Proof Exemption for the Elderly

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State

Georgia

Year

2018

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

An exemption is provided for the value of the homestead that exceeds the value when the exemption is first granted. This exemption applies to all state and county ad valorem taxes. Applicants must file an initial application to receive the benefit, but subsequent annual applications are not required. This benefit does not apply to any increase in value due to improvements made to the property or to additional land added to the property.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Description of Eligibility Criteria

Eligible applicants must be at least 62 years old (as of 1 January in the first year in which the benefit is sought) and must occupy the qualifying property as their primary residence. In addition, they must have a household income of under $30,000 for the immediately preceding taxable year.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

Local government covers all of its tax loss

Description of State Funding for Tax Loss

State statutes are silent in regard to reimbursement of local tax loss.

Record ID

GA106_RR18

Footnotes

The income thresholds for the program refer to the applicant's federal adjusted gross income and that of all other individuals residing in the residence. This program may be used in lieu of, not in addition to, any other homestead exemption for county tax purposes. The exemption does not apply to any municipal taxes or county school district taxes. An initial application must be filed with the county tax commissioner. The exemption shall be automatically renewed from year to year as long as the owner occupies the residence as a homestead. Any person granted this exemption must notify the tax commissioner in the event the person is no longer eligible for the exemption.

Sources

Ga. Code Ann. § 48-5-40; Ga. Code Ann. § 48-5-47.1 (in effect for 2018)
Georgia Department of Revenue, Application for Homestead Exemptions (General) [https://dor.georgia.gov/sites/dor.georgia.gov/files/related_files/document/LGS/Form/LGS-Homestead_Application_for_Homestead_Exemption.pdf Accessed 09/20/2018] View Archived Source

Georgia Department of Human Services Senior Homeowner's Resource Guide (Page 25-28) [http://dhs.georgia.gov/sites/aging.georgia.gov/files/imported/DHR-DAS/DHR-DAS_Newsletter/GA%20Senior%20Homeowners%20Guide.pdf Accessed 09/20/2018] View Archived Source
Property Tax Guide for Georgia Citizens, Department of Revenue [https://dor.georgia.gov/property-tax-exemptions Accessed 09/20/2018] View Archived Source

To reference this webpage/table, please use the following citation:

Significant Features of the Property Tax. https://www.lincolninst.edu/residential-tax-relief/floating-inflation-proof-exemption-elderly-georgia-2018 Lincoln Institute of Land Policy and George Washington Institute of Public Policy. (Floating, Inflation-Proof Exemption for the Elderly; accessed: 09/24/2023 03:38:17 AM)

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