New homestead exemption offers relief for seniors

During a recent government meeting, officials discussed significant changes to the homestead exemption policy aimed at providing financial relief to senior citizens. Currently, residents aged 65 and older benefit from a $25,000 homestead exemption. However, a proposal was introduced to increase this exemption to $30,000 for seniors who reach the age of 70, alongside a freeze on property assessments for this age group.

This policy change is part of a broader effort to address rising property taxes, which have seen dramatic increases in recent years. A new state legislation from Georgia, referenced as Bill 581 or 561, aims to cap assessment increases, preventing sudden spikes that have burdened homeowners. This measure is expected to be included on the ballot in November, with strong anticipation of its approval.

The effective date for the new homestead exemption is projected for next year, with the application period typically opening in April. Officials emphasized that seniors will no longer need to worry about fluctuating property values affecting their taxes once they reach 70, as their assessment will be frozen. Additionally, residents retain the right to appeal their property values if they believe them to be inaccurately assessed.

These proposed changes reflect a commitment to support the aging population and alleviate the financial pressures associated with property taxes.