Exemptions

Homestead Exemptions
Regular Homestead Exemption
Floating Homestead Exemption - Age 62
School Tax Exemption - Age 62
School Tax Exemption - Age 65
School Tax Exemption - Age 75
Qualified Disabled Veteran Exemption
Preferential Assessment
Conservation Use Assessment
Freeport Exemption
The Homestead Freeze



HOMESTEAD EXEMPTIONS

Several types of Homestead Exemptions have been enacted to reduce the burden of ad valorem taxation for Georgia homeowners. The exemptions apply to homestead property owned by the taxpayer and occupied as his or her legal residence(some exemptions apply to this rule and your tax commissioner can explain them to you.)

To receive the benefit of the homestead exemption, the taxpayer must file an initial application. In Rome-Floyd County, the application is filed with the Board of Assessors. The application can be filed during the year of the property becoming the primary residence up to and including April 1 of the following year. Once granted, the homestead exemption is automatically renewed each year unless the taxpayer seeks to qualify for a different kind of exemption.

Under authority of the State Constitution, several different types of homestead exemptions are provided. In addition, local governments are authorized to provide for increased exemption amounts and Rome-Floyd County has done so. The Tax Commissioner's office and the Assessors' office in your county can answer questions regarding the standard exemptions as well as any local exemptions that are in place.

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REGULAR HOMESTEAD EXEMPTION

a. Requirements: own your home and reside in it on January 1 of the year in which you apply for the exemption. There are no age or income requirements.

b. Amount of exemption: up to $2,000 of assessed alue of the property for state and school purposes and up to $5,000 of assessed value of the property for county purposes. If over 65, 100% on homestead residence and up to 10 contiguous acres of land and $4,000 on balance of value for state purposes.

c. Time for applying: the year of the property becoming the primary residence up to and including April 1 of the following year.

d. Where to apply: Floyd County Assessor's Office.

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FLOATING HOMESTEAD EXEMPTION - AGE 62

a. Requirements: (1) own your home and reside in it on January 1 of the year in which you apply for the exemption. (2) owner must be at least 62 years old on January 1 of the year of application (3) Federal adjusted income of both spouses and any other family member living in the residence (such as a son, daughter or other relative) cannot exceed $30,000, including social security and pensions. (4) give up any existing homestead exemption for state and county taxes but not school taxes. In many instances the granting of this exemption will initially at least increase the amount of taxes levied on the property.

b. Amount of exemption: the difference in assessed value of the base year (previous year assessment from the year application is made) and current year assessment on the primary residence and no more than 5 contiguous acres.

c. Time for applying: the year of the property becoming the primary residence up to and including April 1 of the following year

d. Where to apply: Floyd County Assessor's Office.

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SCHOOL TAX EXEMPTION - AGE 62

a. Requirements: (1) own your home and reside in it on January 1 of the year in which you apply for the exemption. (2) owner must be at least 62 years old on January 1 of the year of application. (3) total income of both spouses and any other family member living in the residence (such as a son, daughter or other relative) cannot exceed $25,000 from all sources, including social security and pensions, or net income of both spouses only cannot exceed $10,000 excluding social security and pensions up to an amount set each year by the state.

b. Amount of exemption: Tthe greater of $10,000 or one-half of the assessed value of your homestead residence, homestead garage and one acre of homestead land for total income or, in case of the net income requirement,$10,000.

c. Time for applying: Tthe year of the property becoming the primary residence up to and including April 1 of the following year.

d. Where to apply: Floyd County Assessor's Office.

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SCHOOL TAX EXEMPTION - AGE 65

a. Requirements: (1) own your home and reside in it on January 1 of the year in which you apply for the exemption. (2) owner must be at least 65 years old on January 1 of the year of application. (3)there are no income requirements.

b. Amount of exemption: $40,000 of the assessed value of your homestead residence, homestead garage and one acre of homestead land.

c. Time for applying: the year of the property becoming the primary residence up to and including April 1 of the following year.

d. Where to apply: Floyd County Assessor's Office.

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SCHOOL TAX EXEMPTION - AGE 75

a. Requirements: (1) own your home and reside in it on January 1 of the year in which you apply for the exemption. (2) (2) owner must be at least 75 years old on January 1 of the year of application. (3) total income of both spouses and any other family member living in the residence (such as a son, daughter or other relative) cannot exceed $30,000 from all sources, including social security and pensions.

b. Amount of exemption: all of the school tax liability on your homestead residence, homestead garage and one acre of homestead land.

c. Time for applying: The year of the property becoming the primary residence up to and including April 1 of the following year.

d. Where to apply: Floyd County Assessor's Office.

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QUALIFIED DISABLED VETERAN EXEMPTION-UNREMARRIED SURVIVING SPOUSE OF DISABLED VETERAN-UNREMARRIED SPOUSE OF US SERVICE MEMBER KILLED IN ACTION

a. Requirements: (1) own your home and reside in it on January 1 of the year in which you apply for the exemption. (2) B(2) be a disabled wartime veteran who was discharged under honorable conditions and who has been adjudicated by the veterans' administration of the united states as being totally and permanently disabled and entitled to receive service connected benefits so long as you are 100 percent disabled and receiving or entitled to receive benefits for a 100 percent service connected disability. Be an unremarried surviving spouse of a disabled veteran or a us service member killed in action. There are no age or income requirements.

b. Amount of exemption: up to $50,000 of assessed value of the property for state, school and county purposes. If over 65, 100% on homestead residence and up to 10 contiguous acres of land and $50,000 on balance of value for state purposes..

c. Time for applying: the year of the property becoming the primary residence up to and including April 1 of the following year.

d. Where to apply: Floyd County Assessor's Office.

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PREFERENTIAL ASSESSMENT

a. Requirements: tangible real property of 2,000 acres or less that is devoted to "bona fide agriculture purposes" may receive a preferential assessment. The owner has to sign a 10 year covenant dedicating the property for agriculture use for ten years.

b. Amount of exemption: the assessed value of the dedicated property will be reduced by 25%.

c. Time for applying: January 1 until April 1 of year of application.

d. Where to apply: Floyd County Assessor's Office.

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CONSERVATION USE ASSESSMENT

a. Requirements: tangible real property of 2,000 acres or less that is devoted to "bona fide conservation use property", "environmentally sensitive property certified by the department of natural resources and maintained in its natural condition" or tangible real property of 5 acres or less that is "bona fide residential transitional property" may receive a conservation use assessment. The owner has to sign a 10 year covenant dedicating the property for conservation use or residential use for ten years.

b. Amount of exemption: for conservation use property the exemption is the difference between the conservation use value determined by the state and the market value determined by the board of assessors. For residential transitional property the property retains its residential use value as determined by the board of assessors.

c. Time for applying: January 1 until April 1 of year of application.

d. Where to apply: Floyd County Assessor's Office.

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FREEPORT EXEMPTION

a. Requirements: inventories of goods in the process of manufacture, finished goods in the hands of the producer for 12 months, finished goods stored that are destined to be shipped out of Georgia within 12 months or finished goods shipped into Georgia and stored for shipment out of Georgia within 12 months are eligible for this exemption.

b. Amount of exemption: 100% exemption for the value of the designated property if filed by April 1, or a graduated exemption if the application is filed after April 1 but before June 1.

c. Time for applying: January 1 until April 1 of year of application to avoid a penalty or until June 1 with a penalty.

d. Where to apply: Floyd County Assessor's Office.

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THE HOMESTEAD FREEZE

Rome and Floyd county voters passed local legislation in 2002 for 2003 that froze 2002 homestead values for county and city taxes but not state or school taxes. As market values of homesteaded properties increase due to inflation, the homestead exemption will increase to offset. If a property sells to a new owner and if a homestead exemption is acquired, the freeze will start with the current market value

In the year of application for exemptions with income requirements, income to be reported is from the previous year. Income reported will have to be verified thru federal income tax returns, Georgia income tax returns, social security statements, pension statements, interest statements or any other income statements you may have. All such applications require the signing of an affidavit, under oath and in the presence of a notary public under penalty of law.

In the year of application for the veterans exemption, applicants must present a letter from the veterans' administration defining their condition.

With respect to all of the homestead exemptions, the board of assessors makes the final determination as to eligibility; however, if the application is denied the taxpayer must be notified and an appeal procedure then is available for the taxpayer.

If you have any questions concerning these exemptions, please contact the Floyd county assessors office (706-291-5143) or Floyd county tax commissioner's office (706-291-5146) for assistance.

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