Property Tax Deferral for the Elderly

State

Georgia

Year

2022

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

The applicant may defer all or a portion of the property taxes levied on the first $50,000 of assessed value on their primary residence. For counties with a population of 550,000 or more according to the US Census, applicants may defer payment on all or a portion of the property taxes levied on their primary residence that exceed 4% of their gross household income for the immediately preceding calendar year, regardless of income or assessed value. The total amount of deferred taxes, interest, and all other unsatisfied liens on the homestead cannot exceed 85% of its fair market value. An interest rate equal to 3/4 of the rate for past due taxes accrues monthly on all deferred property taxes. The rate for past due taxes is the bank prime loan rate posted by the Board of Governors of the Federal Reserve System, plus 3%. Claiming a tax deferral will result in a lien being placed on the property.

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

Principal Residence

Property Value Limit

Description of Eligibility Criteria

Applicants must be 62 years old or older, occupy their property as a primary residence, entitled to claim a homestead exemption, and have a gross household income of $15,000 or less annually.

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 with regard to reimbursement of local tax loss.

Record ID

GA103_RR22

Footnotes

The applicant must maintain insurance on the homestead property to cover potential loss due to fire or other hazard. Taxes and accrued interest will become due if: (1) the applicant dies (unless the surviving spouse of the original applicant qualifies for and enters into a tax deferral agreement), (2) the property is sold or, (3) the use of the property changes so as to make it ineligible for a homestead exemption. If the amount of taxes deferred plus any other liens on the property exceeds 85% of the fair market value, the applicant will be required to pay the portion in excess of 85%. If the applicant fails to pay this amount, the entire balance of deferred taxes and interest becomes due within 30 days. Applicants must file an application each year by 1 April of the year for which the deferral is sought. Applications should be filed with the local tax official.

Sources

Ga. Code Ann. § 48-5-70 ~ § 48-5-84;
Ga. Code Ann. § 48-2-40 (in effect for 2022)
Coweta County Board of Tax Assessors and Appraisal Office, Exemptions
[https://www.coweta.ga.us/departments-services/departments-r-z/tax-assessors-office/exemptions Accessed 02/22/2023]
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