It's that time of year again! New Year's Resolutions planned and hopefully going strong. But don't forget it's also time to file for your Homestead Exemption! It's something that
Important Information About Homestead Exemption For 2018
It's that time of year again! New Year's Resolutions planned and hopefully going strong. But don't forget it's also time to file for your Homestead Exemption! It's something that's easily forgotten after the excitement of purchasing a new home, but so incredibly important. Check out the blog below for more information brought to you by Joel Gerber, Real Estate Closing Attorney at Brannen, Searcy and Smith LLP, Attorneys at Law in Savannah Ga.
Homestead Exemption … Come On Down!
Homestead Exemption … come on down, you’re the next contestant on the Price is Right! But, is the price really right? For those of you who are a Georgia resident, purchased a primary residence in 2017 (or have made a prior owned property your primary residence as of December 31, 2017) and that property is located in Bryan, Effingham, Liberty, Bulloch, Glynn or Tattnall Counties, the price is right and you should file for the Homestead Exemption. By filing for the Homestead Exemption, you will receive a reduction of your home’s assessed value each year going forward as long as you reside in the home as your primary residence.
To file for the Homestead Exemption in these six counties you will need to bring your driver’s license (showing the new property address) and a January utility bill showing service in December 2017 to your respective county tax assessor’s office. The Homestead Exemption must be filed before April 1, 2018.
For those who are a Georgia resident, purchased a primary residence in 2017 (or have made a prior owned property your primary residence as of December 31, 2017) and that property is located in Chatham County, the price is not necessary always right and you will need to utilize the information below to determine whether it is the right time for you to file for the Homestead Exemption.
For Chatham County property owners, first go to the Chatham County Board of Assessors’ website. Type in the property address and once you locate the property open the link to the corresponding Notice of Assessment on the far right side of the page. Once you open the Notice of Assessment go to Section B and look for the “Current Year Fair Market Value” in the row showing the “100% Appraised Value.” You will need to know the Fair Market Value to determine whether to file for the Homestead Exemption.
Do not be alarmed if the Notice of Assessment for your property is not in your name yet. The tax assessor updates its records to reflect the new owner the first part of 2018.
Amy has been an active Real Estate Agent in the Richmond Hill, Greater Savannah Area since 2011, obtaining her Associate Broker's License in 2014. Amy has a background in Investment, Residential Resa....