Will you still love me? Will you still tax me? When I’m 62.
Posted: February 16th, 2008
Category: Real Estate News
If you live in Cobb County or Cherokee County, the answers are Yes and No. Cobb and Cherokee have lots of love for citizens over 62 years old in the form of No School Tax.
If you are 62 years old or over, you can have your school taxes removed from your yearly tax bill in Cobb County and Cherokee County by applying for the school tax exemption.
In Cobb County, the school tax represents approximately two-thirds of your property tax bill, which would afford you a huge tax savings every year. In Cherokee County, it is approximately three-fourths of the property taxes. This tax reduction is on top of the reduction for your Homestead Exemption. This tax exemption makes too much sense for most politicians to approve (it’s unlikely citizens over 62 have any school age children), kudos to Cobb and Cherokee for getting it right!
Every year there are some changes, so please confirm this information with the respective tax offices.
Here is the general program:
The home you claim for an exemption must be your primary residence. The taxes are based on your status as of January 1st of each year. If you were to turn 62 this year, you would be eligible to receive the senior exemption next year.
In Cherokee County, you will be exempted from school taxes for the appraised value of your home up to $320,625.00 fair market value; $128,250.00 of assessed value. After that amount, your school taxes would be included in your tax bill.
In Cobb County, you are exempted from school taxes for the entire appraised value of your home, no matter how much your home is worth.
Both counties also permit you to have the customary Homestead Exemption, which is the exemption allowed because this is your primary residence.
Tax exemptions in both counties are filed between January 1st and June 30th of the year after you are eligible. So, for instance, if you are 62 this year and you move into a new home on May 8th, you will be able to file for your exemptions beginning the following January for the next year’s taxes.
You can find information on Cobb County Property Taxes by calling 770-528-8600. You may call Cherokee County at 770-479-0433. In either county just ask about their senior tax exemptions.
As a retiree or senior, you’ve worked hard all your life and have goals and dreams that are not the same as a first-time home buyer. Make sure you choose a Realtor who understands these differences and can work with you to match your goals with real estate advice to maximize your home-buying experience!
Check out the video here: YouTube
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Brad, this is a very interesting development and makes communities like The Orchards active adult community in East Cherokee even more attractive to buyers.
Also, one more reason to form a Milton County, because you’d never get Fulton County to do anything like this.
I’d be curious to know how Cobb and Cherokee plan on replacing this tax revenue, though.
Kevin:
You are exactly right. The Orchards and other senior housing projects are very hot in Cherokee right now. In fact, that’s about the only product developer’s will consider entering into in this market. Cherokee and Cobb have had this exemption for years and have had no problem generating enough tax base.
If you think about it, 62+ old citizens are almost the perfect residents for a county. They seek smaller housing, don’t have children using the schools, and they don’t commute and clog the road systems. Plus, they usually shop locally and pay sales tax. Damn near perfect citizens = they deserve the school tax exemption.
It is definitely time for Milton County, as Cobb and Cherokee are readily positioned to take advantage of the Baby Boomers aging.
I also wish Milton County would come to fruition,
Now tell me, Brad. How do I get that sing-songy tune out of my head?
I just ran into a lending problem with new ranch condos in Cobb County - low occupancy rate and low sales performance have made Fannie Mae and Freddie Mac very nervous. Of course, sales performance is low because the lenders won’t fund. More mortgage hangover woes.
And, in East Cobb, the developers fight ongoing zoning issues from neighborhoods that mistakenly believe “condos” are going to diminish their market value.