HB 837

Abstract

A BILL to be entitled an Act to amend Chapter 5 of Title 48 of the O.C.G.A., relating to ad valorem taxation of property, so as to provide for a homestead exemption from ad valorem taxes for all purposes in an amount equal to $5,000.00 of the assessed value of the homestead for residents whose federal adjusted gross income, as well as the federal adjusted gross income of the spouse of such resident and all other members of the family who also reside at such homestead, is less than $10,000.00; to provide for definitions; to specify the terms and conditions of the exemption and the procedures relating thereto; to require annual income reporting; to provide for applicability; to provide for compliance with constitutional requirements; to provide for a referendum, effective dates, and automatic repeal; to provide for related matters; to repeal conflicting laws; and for other purposes.