Originally published 2/14/2018
Now is the time to file for Homestead Exemption. As you may already know, the Homestead Exemption provides a reduction to the property taxes on your primary residence. However, this exemption provides more than a tax benefit – It prevents the forced sale of a home to meet the demands of creditors, and provides the surviving spouse with shelter.
As a general rule, you must own and personally occupy the home in order to qualify for the exemption. In addition to the Homestead Exemption, there are other exemptions that may also apply to you, such as Disabled Veteran or Tax Deferral for the Elderly. For more details, please see the links below for Chatham and Effingham counties:
- Chatham County – http://boa.chathamcounty.org/Homestead-Exemptions Deadline is 4/1/2017
- Effingham County – http://www.effinghamcounty.org/506/About-Homestead-Exemptions Deadline is 4/1/2017.
While you may file for homestead exemption year round, applications received after these deadlines will be processed the following year.
There is one exception to the April 1st deadline – if you bought your home in 2017 and the 2017 tax assessed value is MORE than you paid, you should generally wait until the following year. Why? Because filing for homestead exemption will lock in your tax assessed value at the higher level. Later in the spring, you should receive a valuation notice reflecting the amount you actually paid. If you feel this exception applies to you, we recommend you discuss Homestead Exemption with your real estate attorney or accountant. If you don’t have a real estate attorney or accountant, the Daniels Team will be happy to recommend one for you.