December 6, 2010 Leave a comment
Filing for a homestead exemption doesn’t cost anything to the taxpayer / homeowner and it helps a property owner save a little bit of money on his or her annual tax bill.
For example, If a home in the City of Decatur is appraised at $100,000, then the assessed value is 50% or $50,000. With a $20,000 homestead exemption, one would pay taxes on the fair market value of $30,000 for the City of Decatur Tax Bill. There will also be a Dekalb County tax bill too, and their assessment is 40% or $40,000 based on a $100,000 fair market value, so the amount of fair market value one would pay taxes on for that particular bill would be $20,000
The homestead exemption applications are accepted year round, but to be applicable for tax year 2011, they must be received by March 1 in the City of Decatur and by May 1 in Dekalb County. The homestead exemption application needs to be filed only one time, in the City of Decatur, as well as Dekalb County, and then the exemption stays on the property permanently, as long as one owwns the home.
If anyone has any questions or comments about this, please contact me here.