Decatur, GA — The Georgia General Assembly has passed the city of Decatur’s homestead tax exemption legislation for city taxes.
The bills now head to the governor. Once he signs the legislation, the homestead exemptions will be on the ballot as a referendum in November.
The city increased parts of the general homestead exemptions, and created an exemption for owner-occupied homes on land managed through the Decatur Land Trust.
“The City Commission has expressed interest in property tax relief for persons who own their homes and are impacted by increasing property values,” City Manager Andrea Arnold previously wrote in a memo. “Additionally, there is a desire to ensure that resident property owners on Decatur Land Trust properties are afforded a homestead exemption similar to the City’s general homestead exemption.”
Here’s what’s slated to change:
– Increase the General Homestead Exemption (GH-1) for all residential owner-occupied properties from $25,000 to $40,000.
– Increase the General Homestead Exemption (GH-2) for residential owner-occupied properties for persons 65 years of age or older from $10,000 to $15,000.
– Increase the General Homestead Exemption (GH-3) for residential owner-occupied properties for persons 62 years of age or older whose Georgia net taxable household income does not exceed $50,000 from $15,000 to $25,000 and adjust the household income limit from $50,000 to $60,000.
– Create a Community Land Trust Homestead Exemption (LT-1) in the amount of $40,000 for residents who hold owner-occupied real property that is subject to a written land lease having an initial term of not less than 99 years with a landlord that is an entity exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code, and who own all improvements located on the real property.
The annual cost of the proposed homestead exemptions is estimated to be approximately $1.05 million.
Also happening under the Gold Dome:
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