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The amount of property tax due is calculated by using the following formula: •(Total Appraised Value of the property) x (40%) - (Exemptions) x (Millage rate) / (1,000) •Each homeowner’s exemptions vary based on eligibility For example, the tax for a property valued at $100,000 would be calculated as follows: $100,000 x 0.40 = $40,000 $40,000 x 9.50 mills = 380,000 380,000 / 1,000 = $380.00 annual property tax If the property belonged to a person age 65 or over, the calculation would be: $100,000 x 0.40 = $40,000 $40,000 - $10,000 = $30,000 $30,000 x9.50 mills = 285,000 285,000 / 1,000 = $285.00 annual property tax
There are homestead exemptions available to City of Powder Springs homeowners that complete and file the required applications by April 1st of the tax year (O.C.G.A 48-5-40 through 48-5-54). To be eligible for application you must own, occupy, and claim your property as your legal residence on January 1st. Only one person need apply if more than one name appears on the deed. The exemptions are automatically renewed each year unless there is a change in ownership or you no longer meet the eligibility requirements.City Exemptions:Regular Homestead Exemption - To be eligible for application you must own, occupy, and claim your property as your legal residence on January 1st. Only one person need apply if more than one name appears on the deed. The regular Homestead Exemption in City of Powder Springs is $2,000.
Taxpayer Reassessment Relief Act (Floating Homestead Exemption) - This exemption is granted to anyone that has applied for and been granted the Homestead Exemption with Cobb County and the City of Powder Springs. The amount of this exemption equals the balance of increase in assessed value of your home at the time homestead exemption was granted. There must be an application on file for regular homestead with Cobb County.Over 65 Exemption - Homeowners who are 65 years of age on or before January 1, are entitled to a $10,000 exemption on City of Powder Springs taxes. You must furnish proof of age when you apply with the City. Disability - Homeowners who are disabled on or before January 1, and whose annual NET income (including income of the spouse but not including income received as a result of the disability; e.g. disability retirement) does not exceed $12,000 for the immediately preceding year are entitled to a $10,000 exemption. This exemption is also available in Cobb County. You must furnish proof of income and a doctor's certificate stating that you are disabled and that the disability is likely to remain permanent when you apply with both Cobb County and the City of Powder Springs.State Veteran's Disability - Homeowners who are disabled veterans as defined in O.C.G.A. 48-5-48 are entitled to a $73,768 exemption in all tax categories. You must provide legally required documentation. This exemption extends to the un-remarried surviving spouse or minor children at the time of the applicant's death, provided they continue to occupy the home as a residence and homestead.State Un-remarried Surviving Spouse - A homeowner who is the un-remarried surviving spouse of a member of the U. S. armed forces killed in any war or conflict as defined in O.C.G.A. 48-5-52.1 and receiving spousal benefits from the U. S. Department of Veteran's Affairs is entitled to a $73,768 exemption in the state, county, municipal and school tax categories. Legal documentation is required Homestead Exemptions Page