Homestead Exemption- What is it? How do you get it? When do you need to close by?
So every year around the start of November through the start of December I had an assortment of clients who tour countless homes with me to find the right one. The rush you may ask? Well the rush is in fact to close by December 31st.
In Fulton County, much like most counties within states in the South and Texas there are Exemptions in Property taxes for those who live in their property. In the case of Fulton County it ends up being around $1100 off of your property tax bill. If by chance your property taxes are only around $1100 then it could wipe them out completely and you would live in your home tax-free!
In order to qualify for Home Stead Exemption you will need to submit your ownership paperwork, car registration and Exemption Form (in the link below) sometime by April 1st of the tax year in question. Again, in order to receive this valuable exemption it is important to close on your new home by the end of december. Of course in order to close on a new home by the end of December you would need to find one by the end of November if you were to be applying for a loan. Thus the usual mad dash I often have with a number of people around this time of year. For more information on The Homestead Exemption, and for the Form itself, please see the links below. Message me should you need anymore detail.
http://www.qpublic.net/ga/fulton/basic_homestead.html
http://www.qpublic.net/ga/fulton/docs/basic_homestead_exemption.pdf