Being a Homeowner in 2021
As we begin the new year, it is important to know what it truly means to be a homeowner. This exciting achievement is met with newfound responsibilities, benefits, and management. Most notably, remembering to file for homestead exemption is imperative in the new year, and we are here to help.
A homestead exemption is a legal provision that helps to reduce the amount of property taxes on owner-occupied homes. Simply put: filing for homestead exemption can mean paying less property tax if you are living in the home that you own. If you closed on your primary residence in 2020, all applications must be submitted on or before April 1st of this year.
When beginning the process, make note of the documents needed to ensure that your course of action is swift and efficient:
1. Georgia’s Driver’s License or valid Georgia identification
2. Social Security Number (Owner and Spouse)
3. Registration for all vehicles
4. Recorded deed for new owners
5. Trust Document and Affidavit if the property is in a trust
6. Proof of Income
7. Previous Year Federal and State income tax returns
Remember, you cannot file for homestead exemption on rental property, vacant land, or on more than one property. Click the links below to be redirected to your respective county’s landing page.
With 2021 on the rise, we are expecting another strong housing market. As we previously analyzed, the shortage of inventory, or homes on the market, and caused prices to rise substantially in 2020. Subsequently, the raise in price has increase home value, which in turn has created more wealth for homeowners. And so, owning a home in today’s market is unquestionably beneficial.
Engel & Völkers Atlanta is your resource for an in depth analysis of market trends and performance, as well as friendly reminders for all of your home-related needs. Visit evatlanta.com for a more information, or to speak to one of our advisors.
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