The Atlanta area offers a number of appealing benefits for retirees, including its warm weather and southern hospitality. Beyond that, though, there are also financial reasons why the greater Atlanta area is great for older people– not only is it affordable compared to other urban areas in the U.S., but there are a number of tax benefits that seniors can enjoy.

In addition to not taxing estates, inheritance, or social security benefits, the state of Georgia also offers tax exemptions that allow individuals and couples 65 and older to shield a certain amount of pension and investment income from tax collection.

For older people living in Georgia or considering moving there, there are also a number of property tax exemptions offered for people over a certain age, including a double homestead tax exemption, and several counties in the metro Atlanta area provide additional exemptions for older homeowners.

In this post, we will take a closer look at the property tax exemptions available to seniors in the greater Atlanta area.

Understanding the Homestead Exemption in Georgia

Before we look at the specific property tax exemptions for seniors at both the state and county levels, it’s worth exploring the homestead exemption offered in Georgia for qualified homeowners. This is because seniors can enjoy additional exemptions on top of the standard homestead exemption.

In order to qualify for the standard homestead exemption, homeowners in Georgia must:

Own their home or have an ownership interest, and
Use the home as their primary residence

What does it mean to “have an ownership interest” in a home? In Georgia, you qualify as having ownership interest for the purposes of receiving the standard homestead exemption if one of the following statements is true:

You are a homeowner with the deed in your name, regardless of whether the property is solely or jointly owned. If you live in the home, you are qualified for the homestead exemption regardless of there being other owners of the property.
You are a person with a bona fide contract for the purchase of the property. In order to qualify, the contract must provide for conveyance upon the contract’s performance.
You’re a person with a Life Estate in the property.
You’re a person that lives in a home in a trust, and you are the beneficiary of the trust.
You’re a person that lives in the home that you will inherit but is vested in the Executor or the Administrator of that estate.
You’re a person that lives in a house one of your parents owned, and your parent has either become incapacitated or has passed on. You qualify regardless of whether estate distribution has occurred.
You’re the spouse of a homeowner who also lives in the home. You are qualified for the exemption so long as your spouse isn’t already receiving the exemption on another home. Only one exemption is allowed per couple, even if you’re separated.

Qualifying for a homestead exemption means that you might receive a $2,000 deduction from your school and county taxes. The amount of the exemption can be increased as a result of local laws. These exemptions are specific to primary residences and can’t be applied to rental or commercial properties.

Georgia Property Tax Benefits For Seniors

Now that we have looked at the standard homestead exemption, let’s look at the additional property tax benefits that seniors can enjoy in the state of Georgia.

1. Double Homestead Exemption

Homeowners can apply for the standard homestead exemption, but those 65 or older might also receive a double homestead exemption.

This exemption means qualifying homeowners can be exempted from paying up to $4,000 of the home’s assessed value in terms of county and state property taxes.

2. Floating Inflation-Proof Exemption

If your family income didn’t exceed $30,000 in the previous year and you’re 62 years or older, you might also qualify for what is known as a floating inflation-proof exemption.

This means that you might be eligible for a complete exemption on paying for any county and state property taxes related to an increase in home value. This means that you would be responsible for paying property taxes on the property’s value that’s equal to the value in the base year. Considering that home prices don’t seem to be going down, this is certainly not a bad thing!

Eligible people need to apply by April 1 of the year the exemption first applies. Applicants that receive the exemption don’t have to apply year after year, though– there is an automatic renewal. If anything makes you ineligible for the exemption, you are required to notify your county.

As a final note, it’s worth understanding that this exemption doesn’t apply to bond indebtedness or school taxes.

3. School Tax Benefits For Senior Citizens

Homeowners that live in their homes and are 62 or older might also qualify for school tax benefits. This means that up to $10k of the home’s assessed value can be exempt from school taxes. The other eligibility factors include:

A net income of no more than $10,000 (or a combined net income between you and your spouse of no more than $10,000.) Social security benefits aren’t included in net income. Pensions also aren’t included in net income unless it is more than the maximum Social Security benefits a person could receive.)
Applying by April 1 of the same year when the school tax exemption will apply

In order to have the exemption approved, qualified applicants need to file an affidavit either with the county or city. It is the homeowner’s responsibility to notify the county or city if they are no longer eligible.

4. Property Tax Deferral

Recipients of the homestead exemption might also be qualified to defer property tax payments. Though this isn’t the simplest process, and there are lengthy rules governing the process, receiving a deferral means that you don’t have to pay your property taxes until the amount of deferred taxes reaches 85% of the home’s value - or you sell the home, whichever comes first.

Additional County Property Tax Benefits For Seniors in the Greater Atlanta Area

Beyond the tax exemptions and benefits for seniors at the state level, there are also some additional property tax exemptions at the county level. Let’s look at some of the counties in the greater Atlanta area to help you get a sense of the types of exemptions offered for older homeowners.

Since eligibility requirements and laws regarding property taxes can change over time, it’s important to verify information regarding the property tax exemptions in your county directly. You can visit the website of each county to find additional information regarding qualifications as well as the instructions for filing for exemptions.

1. Forsyth County

The county of Forsyth offers property tax exemptions to senior citizens, including a total school tax homestead exemption, other school tax homestead exemptions, and a double homestead exemption.

The total school tax homestead exemption involves a full exemption in the school bond and school general tax categories for homeowners that are 65 years old or older on or before January 1.

Individuals that are 62 years or older in Forsyth County might qualify for other school tax homestead exemptions based on income. In order to qualify for the double homestead exemption, applicants must be 65 or older and not have a gross income that exceeds $40,000 in the household. If a homeowner receives this exemption, the value of the double homestead exemption is $16,000.

2. Cherokee County

Older residents in Cherokee County can receive a double homestead exemption if they are 65 or older on January 1 of the tax year. Those 62 or older and receiving a homestead exemption might also qualify for an elderly school exemption.

Individuals who don’t receive a standard or double homestead exemption and who are 62 or older can qualify for an increased exemption.

3. Dekalb County

A substantial reduction in property taxes can be received by senior citizens in Dekalb County that qualify. The three basic requirements to receive these benefits are:

Be at least 62 or older on the first day of the application year
Apply by April 1
Specific income requirements

4. Cobb County

Older adults that are 62 or older can qualify for an exemption from taxes in both the school bond and school general tax categories in Cobb County. Those that are 65 or older and don’t have an annual net income that exceeds $10,000 can receive a $4,000 exemption in the state and county fire district and bond categories.

5. Gwinnett County

Individuals 65 or older might qualify to be 100% exempt from the taxes levied by the county’s Board of Education on the home itself and as much as one acre of property. This is only available to people living in their homes in the Gwinnett County School District.

Additionally, homeowners that are 62 or older might also qualify for a partial exemption from school taxes.

6. Fulton County

Seniors that are 65 or older in Fulton County can apply for a $50,000 homestead exemption for the County portion of property taxes. There isn’t an income requirement for this exemption. Those that are 62 or older and that meet a specific income requirement might also qualify for the statewide school exemption.

There are a number of income-based property tax exemptions available to senior citizens in Fulton County. For more information, you can check out the county’s Homestead Exemption Guide.

7. Hall County

Hall County, home to Gainesville and Flowery Branch, offers a senior citizen exemption for those that are 65 or older that reduces the taxable value of a homeowner’s property in addition to offering the standard homestead exemption. They also offer a partial school tax exemption for homeowners 62 or older as well as a total school tax exemption for individuals 70 or older.

Are you interested in moving to the Atlanta area, but you don’t want to spend an arm and a leg on a home? Make sure you check out our recent guide to the most affordable Atlanta suburbs.

Retiring in Atlanta: Additional Benefits

While the property tax exemptions available in Georgia and Atlanta metro counties are appealing, these alone probably aren’t enough to convince you to retire in Atlanta. After all, finances are key when it comes to choosing where to retire, but saving some money on your taxes won’t be worth much if the place you move doesn’t support your desired lifestyle.

Luckily, the Atlanta area really does have a lot to offer retirees beyond just tax benefits. Here are just some of the perks of living here for senior citizens:

Warm weather: If you’re tired of shoveling out your driveway and bundling up every time you go outside, you’ll love the weather in Atlanta. With average temperatures that rarely get below freezing during the colder months, you can pretty much kiss your concerns about frozen pipes and icy roads goodbye.
Affordability: Beyond the tax perks, Atlanta is an affordable city compared to other major metro areas in the U.S.
Southern hospitality: The people are famously warm in Atlanta, and there is a rich Southern history that comes through in everything from the architecture to the food.
A bustling metropolis: You won’t ever have to be bored in the Atlanta area, with tons of world-class restaurants, museums, shopping, dining, cultural attractions, and entertainment opportunities.

Are You Considering Retiring in Atlanta?

There are a lot of compelling reasons that make Atlanta a great choice for retirees. Beyond the warm climate, the beautiful architecture, the booming metropolis, and the plentiful peaceful suburbs, it’s hard to scoff at the property tax exemptions offered to older adults.

Whether you’re interested in spending your golden years in the middle of the bustling city or in a quiet, blissful small town, the greater Atlanta area really does have it all. Even if you already live in the area, you might be considering downsizing to a home that better fits your needs or moving to a community that suits your desired lifestyle in retirement.

No matter what type of home you’re looking for, the Justin Landis Group is here to help. When you work with us, you’ll have your real estate agent as your primary point of contact and access to an entire team of world-class experts. It’s our mission to help you achieve your real estate goals, no matter what they are! If you’re ready to get started, contact us today.

Understanding the Homestead Exemption in Georgia