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GA HB829
Bill
Status
Engrossed
3/3/2020
Primary Sponsor
Ron Stephens
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AI Summary
- Homesteaded property owned by individuals aged 65 or older would be assessed at 20% of fair market value for local school district ad valorem taxes for educational purposes, rather than the standard 40% assessment rate
- Local boards of education may initiate the reduced assessment by passing a resolution calling for a local referendum, which must be held between 30 and 60 days after the resolution's adoption
- Voters residing in the local school district must approve the reduced assessment through referendum; if approved, it takes effect January 1 of the year following certification of the results
- The Act's effectiveness is contingent on ratification of a corresponding constitutional amendment by voters at the November 2020 statewide general election; if not ratified, the Act would be automatically repealed on December 31, 2020
- Once authorized by local referendum, the reduced assessment may not be replaced or reversed
Legislative Description
Local school district tax; authorize assessment of residential homesteaded property owned by individuals of 65 years of age or older at 20 percent of its fair market value; provide for local referenda
Last Action
Senate Read and Referred
3/4/2020
Full Bill Text
No bill text available