Understanding Georgia's Property Tax Freeze for Seniors

Are You Missing Out on Georgia's Property Tax Relief Programs? What You Need to Know in 2024

As the cost of living continues to rise, property taxes can put significant financial strain on homeowners, especially seniors. Thankfully, Georgia offers a range of property tax relief measures to help offset these costs. Whether you're a long-time homeowner or recently purchased your property, understanding these programs could save you thousands.

In this blog, we’ll break down what’s new for 2024, the ongoing benefits for seniors, and how you can take advantage of these opportunities.

Recent Changes in Georgia Property Tax Laws

In November 2024, Georgia voters approved a constitutional amendment aimed at curbing sudden property tax hikes. This amendment ensures that annual increases in assessed home values are capped to align with inflation rates unless local governments choose to opt out. With home prices surging in many areas of the state, this measure provides much-needed stability for homeowners.

Additionally, counties like Oconee are leading the way with local property tax relief measures. Starting January 2025, Oconee County will automatically freeze property values for residents aged 65 and older. For those aged 75 and above, an extra $10,000 homestead exemption will be applied, making it even more beneficial for seniors to stay in their homes.

Why Seniors Should Pay Close Attention

Georgia offers specific tax benefits for seniors, but many homeowners don’t realize they qualify. These benefits include:

• Property Tax Freezes: For seniors in certain counties, the assessed value of your home may be frozen, meaning you won’t pay higher taxes even if your property value increases.

• Additional Homestead Exemptions: Many counties provide extra exemptions for seniors aged 65 and older, which directly reduce the taxable value of your home.

• School Tax Exemptions: In some areas, seniors can also be exempt from paying the school portion of their property taxes, a significant part of the tax bill.

These programs are especially helpful for those living on a fixed income, ensuring that rising property values don’t result in unmanageable tax bills.

How to Check Your Eligibility

1. Visit Your County Tax Assessor’s Website: Most counties provide detailed information about available exemptions and eligibility criteria.

2. File the Necessary Paperwork: For many programs, you’ll need to submit an application to your local tax office before a specific deadline, often early in the year.

3. Consult a Professional: If you’re unsure about your eligibility or the application process, consulting with a tax professional or real estate expert can help you navigate the system.

   
   

Don’t Leave Money on the Table

Property tax relief programs are designed to keep Georgia homeowners in their homes, but they only work if you take advantage of them. As we approach 2025, now is the perfect time to review your property tax bill and ensure you're not missing out on valuable savings.

If you’d like to learn more or need guidance navigating these programs, don’t hesitate to reach out. At MBW Realty, we’re here to help you make the most of your homeownership journey.