Loading chat...
GA HB1460
Bill
Status
Passed
5/6/2024
Primary Sponsor
Houston Gaines
Click for details
AI Summary
- Increases the senior homestead exemption from City of Commerce independent school district maintenance and operations ad valorem taxes from $10,000 to $60,000 of assessed value for residents ages 62 to 69, and from $20,000 to $70,000 for residents age 70 and older
- Raises the net income limitation for qualifying for the exemption from $25,000 to $60,000 for the resident and spouse combined for the immediately preceding taxable year
- Requires approval by a two-thirds majority vote in both chambers of the General Assembly to comply with constitutional requirements
- Requires a local referendum on the Tuesday after the first Monday in November 2024; if approved by a majority of voters, the exemption changes take effect January 1, 2025
- If the referendum fails or is not conducted, the Act is automatically repealed on the first day of July following the election date, with election expenses borne by the City of Commerce
Legislative Description
Commerce, City of; ad valorem tax for educational purposes; homestead exemption; revise
Last Action
Effective Date 2024-05-06
5/6/2024
Committee Referrals
State and Local Governmental Operations3/14/2024
Intragovernmental Coordination3/8/2024
Full Bill Text
No bill text available