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Cobb County Age 62 Tax Exemption - How much will it really save you?

Cobb County Age 62 Tax Exemption

April 16th, 2014

Uncle Sam with moneyThere are very few times of the year when I pay much attention to taxes…this happens to be one time of year where I can’t stop thinking about taxes.  If you need 1 more reason to love living in East Cobb, it has to be taxes.  Our 6% sales tax rate is 1-2% lower than pretty much anywhere else in the Metro Atlanta Area.  Property taxes are also low compared to most everywhere else…especially if you are 62 years old or older.

Many people new to the Atlanta area don’t know how much of a benefit living in Cobb can be once they reach the magic 62 number…it is astounding!  In their infinite wisdom a number of years ago, Cobb County lawmakers realized that seniors are not benefiting much from the Cobb County public school system and decided they shouldn’t have to help fund it.  Cobb seniors do not have to pay the school tax or school bond millage rates associated with their property tax bill!

So what does this really mean?  I looked up 3 comparably valued properties in the tax records just to illustrate the point…1 East Cobb property without the senior exemption, 1 East Cobb Property with the senior exemption, and 1 property just a few miles away on the other side of the river in Sandy Springs/Fulton County.  Below is what they pay:

  • Property 1 (East Cobb – No Cobb County Age 62 Exemption): Home was purchased in 2011 for $600,200, has an assessed value of $213,420 and they paid $6130 in property taxes in 2013
  • Property 2 (East Cobb – WITH Cobb County Age 62 Exemption): Home was purchased in 1978 (same neighborhood as #1), has an assessed value of $214,664 and paid $1425 in property taxes in 2013
  • Property 3 (Sandy Springs – Fulton County): Home sold in 2012 for $609,500, has an assessed value of $198,600 and paid  $8255 in property taxes in 2013 ($7102 to Fulton County and $1153 to Sandy Springs)

So the Cobb property with the Age 62 exemption paid about a quarter of the taxes that the guy down the street with a comparably valued home (without the exemption) was paying and paid only 17% as much as the guy on the other side of the river!  Also interesting to note is that the guy in Cobb without the exemption paid 26% less property taxes than the guy in Sandy Springs with a comparably valued home!

Cobb County homeowners who are 62 or older as of January 1 (of the current year) may file for the School Tax Exemption (Cobb County Age 62 Tax Exemption) by completing and submitting the Cobb County Exemptions Form on or before April 1 of that year.  Please visit the www.CobbTax.org site for the most current forms and filing instructions.

If you are looking for a house in East Cobb with a master on main, check out these properties and give Chrissy a call at 404-423-1122 to put her to work to find you the right house.

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