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GA SB259
Bill
Status
Introduced
1/11/2016
Primary Sponsor
Francis Millar
Click for details
AI Summary
- Grants Georgia homestead owners an exemption from ad valorem taxes for state, county, municipal, and school purposes equal to the amount by which the current year's assessed value exceeds the adjusted base year assessed value, effectively freezing taxable value at the base year level
- Caps annual adjustments to the base year assessed value at the lesser of 3 percent or the percentage change in the Consumer Price Index for All Urban Consumers
- Defines "homestead" as the primary residence and no more than five contiguous acres of surrounding land; the exemption does not apply to new improvements or additional land added after January 1 of the base year, and excludes taxes for bonded indebtedness
- Exemption is in addition to most other homestead exemptions but replaces any existing local Act base year or adjusted base year assessed value homestead exemptions
- Requires approval by statewide referendum at the November 2016 general election; if approved by more than half of voters, the exemption takes effect January 1, 2017, and if not approved, the Act is automatically repealed
Legislative Description
Ad Valorem Tax; provide for a homestead exemption from ad valorem taxes for state, county, municipal, or school purposes
Last Action
Senate Read Second Time
2/26/2016
Full Bill Text
No bill text available