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Thursday, January 2, 2014

Attention New Homeowners: Important Information about Tax Savings

There are many benefits associated with home ownership - including tax benefits. However, it's important to know that the tax savings are not applied automatically. The homeowner needs to "apply for homestead" to get a tax savings the following year. To receive the homestead tax exemption for 2014, you must have owned the property as of January 1st 2014. You only need to apply for homestead tax exemption once; it will automatically renew the subsequent years.

Here is helpful information and the steps you need to take if you closed on your home in 2013:

The deadline for filing an application for homestead tax exemption is March 1st for Butts and Lamar counties, April 1st for Henry county. If you do not apply by the deadline, the county considers it a waiver of the exemption for that year.

Your application for homestead exemption should be made with the Tax Commissioner or Tax Assessor for the county in which your new home is located. When filing for homestead exemption, you will need to fill out the Homestead Exemption form provided by the county and return to them within the time frame. (Links to the form are provided below.)

The homestead tax exemption can only be granted on your primary residence. For a home to be considered your primary residence, you must actually occupy the home, and the home should be considered your legal residence for all purposes. However, people that are away from their home due to health reasons will not be denied homestead exemption.

Statewide homestead exemptions are also available, and may be added to the local exemptions in certain situations.

Here are links to the county tax forms for your convenience:

Butts County form can be found by clicking here.

Henry County form can be found by clicking here.

Lamar County form can be found by clicking here.

 

For more information on this topic, email Scott Mayfield at smayfield@smithwelchlaw.com or call him at 770-358-3630. Smith, Welch, Webb and White is recognized as a premier law firm throughout the state of Georgia. We have an uncompromising commitment to serving our clients and our community. Our team of experts routinely handles a wide range of legal matters, and will provide outstanding service for you, your family or your business.

 

Any representations regarding the law in this Blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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