Loading chat...
GA HB1056
Bill
Status
Engrossed
3/21/2018
Primary Sponsor
Debra Bazemore
Click for details
AI Summary
- Creates a new homestead exemption from City of South Fulton ad valorem taxes for municipal purposes equal to the difference between the current year assessed value and the adjusted base year assessed value of the homestead
- Caps annual increases in the base year assessed value at the lesser of 3 percent or the Consumer Price Index inflation rate, plus any value from new additions or improvements to the property
- Limits the exemption to a primary residence and no more than five contiguous acres of surrounding land, and excludes ad valorem taxes used to pay municipal bonded indebtedness, as well as state, county, and school district taxes
- Requires a referendum on November 6, 2018, with the exemption taking effect January 1, 2019, if approved by a majority of voters; the Act automatically repeals if the referendum fails or is not conducted
- Allows surviving spouses to continue receiving the exemption as long as they occupy the home, and provides for automatic annual renewal after the initial application is filed
Legislative Description
South Fulton, City of; ad valorem tax; provide new homestead exemption
Last Action
Senate Read and Referred
3/23/2018
Full Bill Text
No bill text available