Hi,
I am curious about the property tax exemption for 100% disabled Vets in GA. The statute reads in part, "Disabled Georgia vets with qualifying disabilities (100% VA ratings, loss or loss of use of hands, feet, eyesight, etc) may receive a property tax exemption up to $60,000 for a primary residence."
Does this mean that the assessed property value is limited to $60k or does it mean that the amount of property taxes limited to $60k?
I don't see why it would be based on the amount of taxes since the assessed value would need to be in the tens of millions to generate $60k in taxes. On the other hand, if it means that the property value is limited to $60k then the exemption would be only a few hundred dollars.
For example, if I purchase a property assessed at $300k does it mean that my exemption is based on an assessed value of $240k?
Thanks for any clarification.