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GA SB531
Bill
Status
Introduced
3/22/2010
Primary Sponsor
Vincent Fort
Click for details
AI Summary
- Grants a homestead exemption from Fulton County ad valorem taxes for county purposes to residents aged 65 or older who have continuously resided in their homestead for 25 or more years
- The exemption amount equals the difference between the current year assessed value and the base year assessed value, effectively freezing the taxable value at the level from the year before the exemption was first granted
- The exemption applies only to homestead property of not more than five contiguous acres and does not cover improvements or additional land added after January 1 of the base year
- The exemption does not apply to state ad valorem taxes, school district taxes for educational purposes, or municipal taxes, and is in addition to any other existing homestead exemptions for Fulton County
- Requires approval by Fulton County voters in a referendum held during the November 2010 general election, with an effective date of January 1, 2011, if approved; the Act automatically repeals if not approved
Legislative Description
Ad Valorem Taxes; provide for homestead exemption from Fulton County; county purposes; definitions; specify terms/conditions
Last Action
Senate Read and Referred
3/22/2010
Committee Referrals
State and Local Governmental Operations3/22/2010
Full Bill Text
No bill text available