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GA HB1269
Bill
Status
Passed
5/6/2024
Primary Sponsor
Lee Hawkins
Click for details
AI Summary
- Creates a new homestead exemption from City of Gainesville ad valorem taxes for municipal purposes, exempting the amount by which a homestead's current assessed value exceeds its adjusted base year assessed value, effectively capping taxable value increases at 3% per year
- Sets the base year assessed value as taxable year 2023 for exemptions first granted in 2025, or the year immediately preceding the first year the exemption is granted in all other cases
- Does not apply to ad valorem taxes levied to pay bonded indebtedness, nor to state, county, or school district taxes; the exemption does not transfer to subsequent property owners but does transfer to a surviving spouse who continues to occupy the homestead
- Replaces any existing base year or adjusted base year value homestead exemption applicable to City of Gainesville municipal ad valorem taxes, while remaining in addition to all other homestead exemptions
- Requires approval by City of Gainesville voters in a referendum on the Tuesday after the first Monday in November 2024, with an effective date of January 1, 2025 if approved; the Act is automatically repealed if not approved by voters
Legislative Description
Gainesville, City of; ad valorem tax; municipal purposes; provide new homestead exemption
Last Action
Effective Date 2024-05-06
5/6/2024
Committee Referrals
State and Local Governmental Operations2/26/2024
Intragovernmental Coordination2/15/2024
Full Bill Text
No bill text available