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GA HB820
Bill
Status
Passed
5/3/2018
Primary Sponsor
Beth Beskin
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AI Summary
- Creates a new homestead exemption from municipal ad valorem taxes equal to the difference between the current year assessed value and the adjusted base year value, applicable to municipalities located in more than one county that levy a sales tax for metropolitan public transportation and contain an independent school system (effectively targeting the City of Atlanta)
- Sets the adjusted base year value to increase annually by 2.6 percent, plus any value changes from additions, improvements, or removals to the property, effectively capping annual assessment growth for homestead purposes
- Defines "homestead" as the primary residence and no more than five contiguous acres of surrounding land, with the lowest base year value determined from the lowest assessed value among the 2016–2018 tax years (multiplied by 1.0423 for inflation) for initial 2019 applicants
- Exemption applies beginning January 1, 2019, automatically renews annually as long as the owner occupies the residence, and extends to surviving spouses who continue to occupy the home
- Requires a two-thirds majority vote in both legislative chambers and approval by statewide referendum on November 6, 2018; if not approved by voters, the Act is automatically repealed on January 1 following the election
Legislative Description
Revenue and taxation; procedure for counties following a rejection of a tax digest; establish
Last Action
Effective Date
5/3/2018
Full Bill Text
No bill text available