Property Tax Deferral for the Elderly

State

Georgia

Year

2007

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

Eligible taxpayers may qualify for one of the following deferrals. (1) They may elect to defer all or a portion of the property taxes levied on their primary residences. This deferral only applies to taxes levied on up to $50,000 of the assessed value. (2) If they live in a county with a population of 550,000 or more, they may defer payment on all or a portion of the property taxes levied on their primary residences that exceed 4% of their gross household incomes for the immediately preceding calendar year. The total amount of deferred taxes and interest plus the total amount of all other unsatisfied liens on the homestead cannot exceed 85% of the fair market value of the homestead. An interest rate of .75% per month accrues on all deferred property taxes.

How is Benefit Disbursed

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Description of Eligibility Criteria

Eligible applicants must be at least 62 years old and entitled to claim a homestead exemption. In addition, they must occupy their property as primary residence and have a gross household income of under $15,000.

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

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

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

Record ID

GA103_RR07

Footnotes

Sources

Ga. Code Ann. § 48-5-70 ~ § 48-5-84 (in effect for 2007)
Property Tax Deferrals (no date), Georgia Department of Revenue [https://etax.dor.ga.gov/ptd/adm/taxguide/exempt/deferrals.aspx Accessed 8/19/2010] View Archived Source

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