Public reports of the removal of the Georgia Homestead Exemption have left homeowners confused and agents unsure of what to say in their annual home buyer letters.
The standard homestead exemption (and other exemptions based upon age) still exist and have not changed.
What has been eliminated is the money that the homeowner may have also received under the Homeowner’s Tax Relief Grant. The measure was passed by the Georgia legislature but was not funded by the state for 2009 due to budget constraints. It will only be funded if state revenue grows 3% plus the rate of inflation.
The result will be an average increase in property taxes of $300.00.
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* Information received from:
Morris Hardwick Schneider
Nikki Gilbert Fernandez
Property taxes continue to rise across the country, despite steep declines in home values.
Property tax collections across the United States rose 3.1 percent this year, according to the U.S. Bureau of Economic Analysis (BEA). That means state and local governments will collect more than $400 billion in property taxes this year—a record amount.
Most states have caps that prevent taxes from rising rapidly in boom times. The same laws keep taxes from plummeting when home values decline.
“Property taxes aren’t always popular, but they are a very stable tax, even in tough times,” says Thomas Gentzel, executive director of the Pennsylvania School Board Association.
Source: USA Today, Dennis Cauchon (12/04/08)
on point!!! And just what I needed to pull myself out of the “Atlanta politics are over whelming me…” slump. WE DO HAVE A VOICE, AND AN ORGANIZED TEAM OF PEOPLE POSITIONING TO DO SOMETHING ABOUT THESE BUDGET CUTS, TAX HIKES AND HOW THEY AFFECT US!!
We will need to mobilize- which mean, you can not just read this blog. WE NEED YOU AT THE NPU-T MEETING ON MAY 14TH (NEXT WEDNESDAY). Come out and let’s show the city- we ARE the city. We RUN this city. Step up or Step OUT!
Ok- I like that… I may need to make some T-shirts with that..
WE ARE THE CITY. WE RUN THE CITY. STEP UP, OR STEP OUT!
Cute slogan, now let’s make it’s truth. See you next Wednesday.