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GA HB1087
Bill
Status
Passed
6/30/2020
Primary Sponsor
Scot Turner
Click for details
AI Summary
- Grants City of Holly Springs residents aged 62 or older a homestead exemption from municipal ad valorem taxes on up to $409,900.00 of appraised homestead value; property value exceeding that amount remains taxable
- Requires a one-time application with the city governing authority; the exemption automatically renews each year as long as the applicant continues to occupy the residence as a homestead
- Replaces rather than supplements any other existing homestead exemption for City of Holly Springs municipal ad valorem taxes; does not affect state, county, or school district ad valorem taxes
- Requires approval by a two-thirds majority in both chambers of the General Assembly and by a majority of City of Holly Springs voters in a referendum held on the Tuesday after the first Monday in November 2020
- If approved by voters, the exemption applies to all taxable years beginning on or after January 1, 2021; if not approved, the Act is automatically repealed
Legislative Description
Holly Springs, City of; ad valorem tax; provide homestead exemption in the amount of up to $409,900.00 for residents 62 years or older
Last Action
Effective Date
6/30/2020
Full Bill Text
No bill text available