GA HB1070

Grants City of Stonecrest residents a $10,000.00 homestead exemption from the assessed value of their property for municipal ad valorem tax purposes, with property value above that amount remaining taxable

Does not affect state ad valorem taxes, county ad valorem taxes, or county/independent school district ad valorem taxes for educational purposes, and is in addition to any other applicable homestead exemptions

Requires residents to file an initial application with the City of Stonecrest governing authority; the exemption automatically renews each year as long as the applicant continues to occupy the residence as a homestead

Requires approval by a majority of City of Stonecrest voters in a referendum held during the November 2018 general election; if approved, the exemption takes effect for taxable years beginning on or after January 1, 2019

Automatically repeals if the referendum fails or is not conducted, with election expenses borne by the City of Stonecrest