Bought a Home in 2011? 3 Important Tips to Save Money in 2012

Congratulations on making a great home purchase in 2011 (since real estate prices and rates are at historic lows, I know you received a great deal )!  Now that you have landed a great piece of Georgia real estate, here are some tips to be sure to do in 2012 to maximize your benefits.

FILE FOR HOMESTEAD EXEMPTION

Homestead exemption - ahhhh one of Georgia’s remaining tax perks despite threats to remove it.  Homestead exemption allows real estate owner occupants the ability to receive a reduction in their property taxes.  Here’s the caveat - most counties in Georgia require that you file for homestead exemption between January and March of the New Year in order to receive this benefit.  It is not automatic and if you miss the deadline, you have to wait until next year so do not delay.  Email places2love@gmail.com for specific deadlines in each Georgia county.

APPEAL YOUR PROPERTY TAXES

I know at closing you probably gasped at how much the taxes were assessed at despite you paying a fraction of that assessment for the real estate purchase.  For the New Year, contact your county’s tax assessor office (most have websites and online forms) and complete the form to appeal your taxes so that the assessed value reflects your purchase price and ideally you can pay less in property taxes.  Moreover, I recommend (and I do this personally) appealing your taxes any and every year that you notice homes in your neighborhood are still being foreclosed so that you can attempt to get a price reduction.  The good thing about this is you do not have to wait for the county to make a reduction, you can request one.

STORE YOUR TITLE DEED

Within 6-8 weeks after your closing, you should have a copy of the recorded deed for your new property.  With all the hoopla of the holiday season, you may not have received it but take some time to search for it.  If you did not receive it, then contact your closing attorney and notify them to see if they can track it down and even have a new one issued.  One you have the recorded title deed, be sure to store it, along with all of your other documents from your closing like your title insurance, in a secure place like a safe deposit box, etc.  This is more of a long-term savings but savings nonetheless.