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Form 1040-SS Sandy Springs Georgia: What You Should Know

Homestead Exemptions (GE Code 7-1-10-35) are the amount to which the taxes are reduced on the basis of the homestead. It is based on the value of the property in the year of purchase.  The Fulton County Home Mortgage Disclosure Act of 1987 provides that the tax rate for a taxpayer's homestead is 15 percent (Georgia Reg. S.B. 10.1(1)]. If the amount of the tax does not equal 15 percent, the amount of the reduction is 5-4-1-5 [Forms H.B. 10.1(l)-(m)]. If the amount of the reduction is less than 5-4-1-5 percent, the reduction is 6-1-1-6 [Forms H.B. 10.1(5)-(6)]. A. A homeowner must file form 1040. B. The form 1040 must be filed with the county appraiser. C. The property must be in a county in which the tax rate is more than 15 percent (GA Reg. S.B. 10.1(1)). D. The amount to be reduced is divided by the ratio that equals 17% of the adjusted value of the home. E. The return must be filed by or before the due date of the tax return prescribed in the certificate of property tax liability for the previous year, not including any extension of time. G. An appraiser shall appraise the home using a uniform method, using the guidelines or guidelines prescribed by the Secretary of Georgia. The appraisal shall be based on the property as it exists on the day the tax return is filed under GA Code 7-1-10-35. F. The appraisal must be accompanied by a mortgage document that specifies the home's value. G. If the home was purchased under Georgia Code 5-4-1 (GA Reg. S.B. 10.1(2)) or in a non-recourse property, the home shall not be revalued during the year and no tax shall be owed for prior periods of ownership or for periods when the property is under contract to be sold. H. The taxpayer's return shall be filed not later than the due date of the tax return prescribed in the certificate of property tax liability for the year.

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