In a recent conversation on facebook I mentioned the following exemption for seniors over 70 and had some local folks come by my office to find out exactly what they needed to do because one of them turned 70 last year. So I thought I would share what I researched today and alert others who may not know about this exemption to go and file for it.
A senior citizen as a person who is 70 years of age or older on or before Jan. 1st or the year in which the application for the exemption is made. Each resident of Putnam County who is a senior citizen and makes application is granted an exemption equal to the difference of the current year assessed value and the base year assessed in which the exemption under this Act is first granted. This exemption is in addition to any other homestead exemption and does not apply to improvements or additions made to the homestead after Jan. 1st of the base year. It provides the same exemption for senior citizens ad valorem taxes for educational purposes. This exemption only applies to the permanent residence and up to 5.00 acres of land. They must furnish a copy of their Drivers License or proof of age. .
In addition to the "Standard Homestead Exemption mentioned above, each senior citizen in Putnam County is allowed a homestead ad valorem tax exemption to the extent their property exceeds the "adjusted base year value" of the property. The "base Year" is the taxable year immediately preceding the year this exemption is granted. This exemption is for the owner occupied primary residence and not more than 5 acres of land immediately surrounding such residence. The exemption does not include accessories. If the residence and/or land is revalued and the value increases, the "base Year" value should not change. If the residence and or land value decreases, the "base year" value should decrease. The difference in this "base year" assessed value and the current year assessed value is the amount of the exemption. Among the exceptions to this exemption are additions or improvements made to the homestead after Jan. 1st of the base year. This exemption applies to City, County and School ad valorem taxes. This homestead exemption applies to property located in Putnam County and is in addition to any other homestead ad valorem tax exemption.
This information is from the tax accessors website. You can call the Tax Assessor's office and discuss the specifics at (706) 485-6376.