CHATTOOGA COUNTY PROPERTY ASSESSORS WEBSITE

Local Option School Tax Homestead Exemption

BENEFITS

This exemption exempts $40,000 of assessed value from School taxes. This means that a property receiving this exemption would have to have a Fair Market Value in excess of $100,000 before any County School tax would be levied against it.

Example: M/M Taxpayer have a house on 1 acre located in Pennville with a total Fair Market Value of $100,000. For 2004 the amount of County School taxes due this property (allowing a State Standard Homestead Exemption) would be:

$100,000 x 0.4 = $40,000 (assessed value) - $2,000 (state standard homestead exemption) = $38,000 x 0.010650 (2004 Chattooga County School tax rate) = $404.70 in school taxes.

Applying the $40,000 School District Tax Exemption, the outcome would be:

$100,000 x 0.4 = $40,000 (assessed value) - $40,000 (School District Homestead exemption) = $0.00 x 0.010650 (2004 Chattooga County School tax rate) = $0.00 in school taxes.