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ATLANTA — A bill filed by a Georgia lawmaker from Atlanta would provide for certain property tax exemptions for the city’s senior citizens.
Senate Bill 439 would allow homeowners age 65 and older who earn less than $100,000 a year to avoid ad valorem taxes that fund Atlanta Public Schools.
As written, the bill would exempt people 65 and older whose home is worth more than $100,000 from this tax.
Specifically, if the homeowner falls under a designated age of 65 or older, the tax on the home in question will exempt up to $100,000 of the home’s assessed value from homeownership taxes.
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To explain the exemption, SB 439 states that “ad valorem tax for educational purposes” refers to a tax levied by, on behalf of, or on behalf of the City of Atlanta Independent School District, but does not include retirement benefits or interest on retirement benefits. Excludes ad valorem taxes payable. Educational debt.
In layman’s terms, this bill would allow Atlanta seniors who own homes to currently fund the public school system even though the homeowners do not have children in the kindergarten through 12 age range. This allows you to reduce part of your annual tax bill. Benefit from funding.
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According to the bill’s legal text, “Senior citizens will be exempt from the ad valorem tax on all residential properties of the Atlanta Metropolitan Independent School District for educational purposes by $100,000 of the assessed value of such residential property.” has been done. The remaining assets will continue to be taxed.
Additionally, the bill states, “The maximum amount of the homestead exemption granted under this act shall not exceed $10 million in the aggregate for any year,” and “The maximum amount of homestead exemptions granted under this act shall not exceed $10 million in the aggregate for such taxable year. An elderly person who applies for a homeownership exemption under this Act shall receive the full amount of the exemption if each of the following exemptions totals not more than $10 million: If the total amount for the year exceeds $10 million, the governing authority or its designee shall calculate the amount by which the total amount exceeds $10 million and set the amount of the homestead deduction claimed by the senior person equal to that amount. The difference shall be such that the total residential property deduction claimed under this Act for such taxable year is $10,000,000.”
The bill also states that the reductions applied under this provision will be proportionate.
In the final section of the proposed bill, the bill text provides that, if SB 439 becomes law, it would not apply to state, county, or other ad valorem taxes unrelated to education, and that It states that the homestead exemption does not apply. The bill would “replace, and not be in addition to, other homestead exemptions” that apply to Atlanta homes and their residents.
If the bill passes both chambers of the Georgia General Assembly and is signed into law by Governor Brian Kemp, the bill would affect taxes starting January 1, 2025.
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