Moving to Paulding County GA - Save on Property Taxes with Homestead Exemption

Dated: December 26 2023

Views: 46


MOVING TO PAULDING COUNTY?

HERE ARE THE WAYS YOU CAN SAVE WITH HOMESTEAD EXEMPTION



If you purchase a home in the past year or are currently a homeowner you are going to want to file for Homestead Exemption.

Exemptions are not automatic and each exemption must be applied for individually.

You will need a copy of your home's closing statement to make some of the calculations. These statements sometimes get mixed up with the other closing documents, so make sure you have them available. 

You are likely aware that qualifying mortgage interest and property taxes paid on the home are tax deductible. However, other legitimate deductions are often overlooked. For example, points paid to secure the mortgage, whether paid by the buyer or by the seller on behalf of the buyer, are generally accepted as interest and deductible.

Interest to the end of the month shown on the closing statement is qualified interest and it may not show on the year-end statement supplied by the lender. A prepayment penalty to retire a mortgage or unamortized points not previously deducted may be deducted on the return in the year they were paid.


If you purchase a home in the past year or are currently a homeowner you are going to want to file for Homestead Exemption.

Exemptions are not automatic and each exemption must be applied for individually.

You will need a copy of your home's closing statement to make some of the calculations. These statements sometimes get mixed up with the other closing documents, so make sure you have them available. 

You are likely aware that qualifying mortgage interest and property taxes paid on the home are tax deductible. However, other legitimate deductions are often overlooked. For example, points paid to secure the mortgage, whether paid by the buyer or by the seller on behalf of the buyer, are generally accepted as interest and deductible.

Interest to the end of the month shown on the closing statement is qualified interest and it may not show on the year-end statement supplied by the lender. A prepayment penalty to retire a mortgage or unamortized points not previously deducted may be deducted on the return in the year they were paid.

SENIOR  SCHOOL TAX AND SPECIALIZED HOMESTEAD EXEMPTIONS


Homeowners over the age of 65 may qualify for school tax exemption.


There are specialized exemptions for homeowners with a total and permanent disability, veterans with 100% service-connected disability, and the surviving spouse of a peace officer or firefighter killed in the line of duty. Additional documentation is required to apply for these exemptions.

Voters within the City Limits of Hiram approved a special homestead exemption in 2017. Homeowners within the City of Hiram currently receiving homestead exemption will automatically qualify for the new exemption. For more information on Hiram’s homestead exemptions please go to Available Homestead Exemptions listed below.


How and Where to Apply For Homestead Exemption


Applications for Homestead Exemptions must be filed with the Paulding County Board of Assessors using the form:        

           

Homestead Exemption applications can be emailed to Homestead@paulding.gov or faxed to 770-443-7539.

Blog author image

Lyssette Navarra, MRP

As a full-Service REALTOR®, Certified Military Relocation Professional (MRP), and Certified Staging Agent (RESA-CSA), Lyssette considers it an honor and a privilege to work with those who sacrific....

Latest Blog Posts

Thirsty Thursdays - Welcomes Spring - Blood Orange Margaritas

Spring is in the Air...Barbecues, pool parties,  corn hole, and FUN drinks! Here is a great way to get the fun started at your next backyard party. Blood Orange Margaritas Blood

Read More

Why You Should Consider Selling in the Winter

The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of

Read More

Moving to Paulding County GA - Save on Property Taxes with Homestead Exemption

MOVING TO PAULDING COUNTY?HERE ARE THE WAYS YOU CAN SAVE WITH HOMESTEAD EXEMPTIONIf you purchase a home in the past year or are currently a homeowner you are going to want to file for Homestead

Read More

Moving to Cobb County GA - Save on Property Taxes with Homestead Exemption

MOVING TO COBB COUNTY GA?HERE ARE THE WAYS YOU CAN SAVE WITH HOMESTEAD EXEMPTIONAs a Cobb County resident, homestead exemptions are a great way to reduce the amount of property taxes you pay for

Read More