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GA HB710
Bill
Status
Passed
5/8/2018
Primary Sponsor
Jan Jones
Click for details
AI Summary
- Creates a new homestead exemption from City of Milton ad valorem taxes for municipal purposes equal to the amount by which the current year assessed value exceeds the adjusted base year value of the homestead
- Caps annual increases in the adjusted base year value at the lesser of 3% or the Consumer Price Index inflation rate, effectively limiting how much a homeowner's taxable value can rise each year
- Defines eligible homestead as the primary residence and not more than five contiguous acres of surrounding land; the exemption does not apply to state, county, or school district ad valorem taxes, nor to taxes levied to retire municipal bonded indebtedness
- Surviving spouses may continue to receive the exemption as long as they occupy the home as a residence and homestead
- Requires approval by majority vote in a City of Milton referendum held on November 6, 2018, with the exemption applying to taxable years beginning on or after January 1, 2019; the Act automatically repeals if not approved by voters
Legislative Description
Milton, City of; ad valorem tax; provide new homestead exemption
Last Action
Effective Date
5/8/2018
Full Bill Text
No bill text available