Real Estate Glossary: Homestead Exemption

A homestead is the primary residence of a home owner and the exemption applies to annual property taxes assessed on the home. In some counties and localities, a homestead exemption reduces the assessed value for a personal residence. The homestead exemption may appear on an annual tax bill as an automatic deduction, but in some cases the home owner must file or claim the exemption. Generally in Georgia, a new homeowner can file for the homestead exemption of his or her primary residence after residing in the home for up to (and in some cases less than) 12 months.

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