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GA SB531
Bill
Status
Engrossed
6/24/2020
Primary Sponsor
Nan Orrock
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AI Summary
- Creates a $30,000.00 homestead exemption from City of Atlanta ad valorem taxes for municipal purposes for residents who hold real property under a written lease of at least 99 years with a 501(c)(3) nonprofit landlord and who own all improvements on the property
- Limits the homestead to the primary residence and no more than five contiguous acres of surrounding land, and excludes ad valorem taxes for state, county, school district, and municipal bonded indebtedness purposes
- Allows a surviving spouse to continue receiving the exemption as long as they occupy the home as a residence and homestead
- Exemption automatically renews annually after the initial application is filed, and is in addition to any other existing homestead exemptions for city purposes
- Requires approval by a two-thirds majority in both legislative chambers and a local referendum conducted no later than the November 2022 general election, with the Act automatically repealed if the referendum is not held or voters reject it
Legislative Description
City of Atlanta; ad valorem taxes for municipal purposes; new homestead exemption; provide
Last Action
House Second Readers
6/25/2020
Full Bill Text
No bill text available