Floating, Inflation-Proof Exemption for the Elderly

State

Georgia

Year

2022

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Assessment Freeze

Benefit

The benefit is an exemption for the value of the homestead that exceeds the value in the year prior to the year in which the exemption is first granted. However, 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. This exemption does not affect any municipal or educational taxes and is meant to be used in the place of any other county homestead exemption. This exemption does not apply to taxes levied to pay interest on and to retire bonded indebtedness. If the appraised value of the home has increased by more than $10,000, the owner may benefit from this exemption.

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 $30,000 of less 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 statute is silent in regard to reimbursement of local tax loss.

Record ID

GA106_RR22

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. After filing an initial application 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 2022)
Georgia Department of Revenue, Application for Homestead Exemption (General)
[https://dor.georgia.gov/sites/dor.georgia.gov/files/related_files/document/LGS/Form/LGS-Homestead_Application_for_Homestead_Exemption.pdf Accessed 11/29/2023]
View Archived Source

Georgia Department of Human Services, Division of Aging, Senior Homeowner's Resource Guide, Page 25-28 (2008)
[http://dhs.georgia.gov/sites/aging.georgia.gov/files/imported/DHR-DAS/DHR-DAS_Newsletter/GA%20Senior%20Homeowners%20Guide.pdf Accessed 11/29/2023]
View Archived Source
Georgia Department of Revenue, Property Tax Homestead Exemptions
[https://dor.georgia.gov/property-tax-exemptions Accessed 11/29/2023]
View Archived Source

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