Loading chat...
GA HB1518
Bill
Status
Introduced
4/27/2010
Primary Sponsor
Rick Crawford
Click for details
AI Summary
- Grants Polk County homestead owners an exemption from county ad valorem taxes when the current year's assessed value exceeds the base year value, effectively capping annual assessed value increases at 5 percent for county tax purposes
- The exemption amount is recalculated only when a homestead's assessed value increases by more than 5 percent over the prior year, setting the new taxable value at 105 percent of the previous year's assessed value
- For properties sold on or after January 1, 2013, the base year value resets to the arm's length purchase price, preventing the exemption from carrying over to new owners at the prior owner's base value
- The exemption does not apply to state, school district, or municipal ad valorem taxes, nor to improvements or additional land added after the base year, and is in addition to any other existing Polk County homestead exemptions
- Requires approval by Polk County voters in a referendum to be held on either the third Tuesday in March 2011 or the first Tuesday after the first Monday in November 2011, with an effective date of January 1, 2012, if approved
Legislative Description
Polk County; ad valorem tax; county purposes; homestead exemption
Last Action
House Second Readers
4/29/2010
Committee Referrals
Intragovernmental Coordination - Local4/27/2010
Full Bill Text
No bill text available