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GA HB712
Bill
Status
Passed
5/8/2018
Primary Sponsor
Charles Martin
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AI Summary
- Creates a new homestead exemption from City of Alpharetta ad valorem taxes for municipal purposes equal to the amount by which the current year assessed value exceeds an adjusted base year value, effectively capping annual assessment increases at the lesser of 3% or the inflation rate (CPI)
- Defines "homestead" as the primary residence and not more than five contiguous acres of immediately surrounding land; excludes ad valorem taxes for municipal bonded indebtedness, state taxes, county taxes, and school district taxes
- Establishes the "lowest base year value" using the lowest assessed value among the 2016, 2017, and 2018 taxable years (multiplied by 1.0423 for inflation) for initial 2019 exemption recipients, and the lower of the year preceding or year of first exemption grant for subsequent new homeowners
- Surviving spouses may continue receiving the exemption as long as they occupy the home as a residence and homestead; the exemption automatically renews yearly without reapplication
- Requires approval by majority vote in a City of Alpharetta referendum held on November 6, 2018, with the exemption applying to all taxable years beginning on or after January 1, 2019; automatically repealed if not approved by voters
Legislative Description
Alpharetta, City of; ad valorem tax; provide new homestead exemption
Last Action
Effective Date
5/8/2018
Full Bill Text
No bill text available