SB 531

Abstract

A BILL to be entitled an Act to provide for a new homestead exemption from City of Atlanta ad valorem taxes for municipal purposes in the amount of $30,000.00 for each resident of the City of Atlanta who holds real property subject to a written 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 owns all improvements located on the real property; to provide for definitions; to specify the terms and conditions of the exemption and the procedures relating thereto; to provide for applicability; to provide for related matters; to provide for compliance with constitutional requirements; to provide for a referendum, effective dates, and automatic repeal; to repeal conflicting laws; and for other purposes.