What the exemption is actually worth — and the April 1 deadline that costs people a year of it.
Every Georgia homeowner who occupies the property as a primary residence gets the $2,000 standard exemption. Many counties and school districts add their own on top — enter it above if you know it. Seniors frequently qualify for substantially more.
Estimate for planning only. Actual figures depend on your contract, county and lender. Contact The Closing Firm at (770) 506-7765 for an exact quote.
Georgia assesses property at 40% of fair market value under O.C.G.A. § 48-5-7 — not at the full value, which is the part that surprises people moving from other states. The millage rate is then applied to that assessed figure, less any exemptions.
The standard homestead exemption under O.C.G.A. § 48-5-44 removes $2,000 from the assessed value for an owner-occupied primary residence. Many counties and school districts offer larger local exemptions on top of it, and seniors often qualify for considerably more.
Thirteen calculators, built on the current Georgia statutes.
Already have a signed contract? Send it over and we will open your file today.