Regular - $8,000 Homestead: The regular homestead exemption reduces the gross assessment, which is applied to certain homestead portions of the millage rate by $8,000. The regular homestead grants an $8,000 reduction to your assessed value against the County M & O and local exemption. The school and state portion of the millage rate will be reduced by $2,000, per the state allowed homestead exemption.
Floating Homestead: Forsyth County homestead claimants are now eligible for the county floating homestead exemption, in addition to any other exemption for which they may be eligible. In the absence of a millage rate increase, the value offset exemption holds constant on the county M & O and the fire portion of your taxes when there is a property value increase. Taxpayers who file for this exemption in the current year establish their base year and value at the prior years level. Thus, your county taxes will be calculated according to your base year, which is established at the time of application. School and state taxes will continue to be calculated on the current year's value. Please note that you will receive the exemption savings only if your property experiences an increase in assessed value.
Labels: floating homestead, forsyth county, homestead exemption, property tax
