Wednesday, December 17, 2014

Resolution passed to expand homestead exemptions

In a first step toward expanding two existing homestead exemptions and adding a new homestead exemption, the Decatur City Commission unanimously approved a resolution on Monday night to move the measure forward. The proposal stems from the City Commission’s desire to enact tax relief for residential property owners—particularly to senior residents on low or fixed incomes. The next step would be for the proposed exemption changes to be considered by the Georgia General Assembly to pass local legislation for an eventual referendum on the exemptions in 2015.

The proposal would increase the GH1 basic homestead exemption by exempting $25,000 in assessed value rather than the current $20,000 (which would save approximately $60 on resident homeowners’ tax bills annually assuming no change in property value or in the millage rates). Secondly, the GH2 (age 65) exemption amount of $1,000 would be increased to $10,000 (which would be a savings of an additional $100 per eligible taxpayer), and the addition of a GH3 exemption for homeowners over 62 with household income under $50,000 that would save about $175 per year.

No comments:

Post a Comment