GA HB1519

Grants Polk County school district residents a homestead exemption from ad valorem taxes for educational purposes when the current year's assessed value of their homestead exceeds the base year value established when the exemption is first granted

The exemption amount remains the same each year unless the assessed value increases by more than 5%, in which case the exemption is recalculated as the difference between the current assessed value and 105% of the prior year's assessed value

The base year value is set as the assessed value when the exemption is first granted, or, for properties sold on or after January 1, 2013, the arm's length purchase price of the sales transaction

The exemption does not apply to improvements or additional land added after the base year, and does not affect state, county, municipal, or independent school district ad valorem taxes; it is in addition to any other applicable homestead exemptions

Requires approval by majority vote in a local 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; the Act automatically repeals if not approved