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GA SB506
Bill
Status
Passed
6/29/2020
Primary Sponsor
Renee Unterman
Click for details
AI Summary
- Grants City of Buford residents a homestead exemption from city ad valorem taxes equal to the amount by which the current year assessed value exceeds the base year assessed value, effectively freezing the taxable value at the level from the year before the exemption is first granted
- Defines "homestead" as the primary residence and no more than five contiguous acres of surrounding land; the exemption does not apply to new improvements or additional land added after January 1 of the base year
- Residents who already qualify for a homestead exemption from Gwinnett County or Hall County automatically receive this city exemption with no additional application required
- The exemption applies only to City of Buford municipal taxes and does not affect state, Gwinnett County, or Hall County ad valorem taxes; it is in addition to any other applicable city homestead exemptions
- Requires approval by a two-thirds majority in both chambers of the General Assembly and by a majority of City of Buford voters in a referendum, with an effective date of January 1, 2021, if approved
Legislative Description
City of Buford; ad valorem taxes for municipal purposes; homestead exemption; provide
Last Action
Effective Date
6/29/2020
Full Bill Text
No bill text available