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Homeowner Real Estate Tax Breaks

Don’t miss your tax breaks for being a homeowner!

What is Homestead Exemption? 

Filing for a Homestead Exemption is a good idea because it reduces the taxable value of your home, saving you money during tax time. In many counties throughout Georgia, you must have owned and lived on the property as of Jan. 1st. You may also be required to file with the city if your property is located within city limits.

Basic Requirements for Homestead Exemption:
Must be legal resident of the county; and
Must own and occupy home as of January 1 of the year the homestead exemption is sought.

Deadline for Filing Homestead Exemption:
In most counties, the application must be filed by March 1 of the year the exemption is sought, but some counties have a later deadline.

How Long will the Homestead Exemption Last?
The Homestead exemption will remain on the property until there is a change in ownership.

North Atlanta Homestead Tax Exemption Filing & Info Links

What about Mortgage Interest Deduction?

Homeowners can deduct the interest portion of their mortgage payments for tax calculations. The amount of deductible mortgage interest is reported each year by the mortgage company on Form 1098. This deduction is offered as an incentive for homeowners. The earlier you are in your mortgage, the greater the percentage of each payment goes toward interest, so take advantage right away!

Can I deduct my Home Office?

There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax responsibility.

What documents will I need to have on hand?

It is a good idea to keep these documents handy when filing this year:

  • Warranty Deed book and page
  • Proof of residence (such as mail, pay stubs, utility bills, etc.)
  • Social security number
  • Driver’s license
  • Vehicle registration information
  • Form 1098 (mortgage interest statement)
  • Moving expenses & receipts

For a comprehensive checklist of forms and documents to aid in preparation of taxes, visit the IRS website.

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