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Bill > HB703
GA HB703
GA HB703Peachtree City, City of; ad valorem tax for municipal purposes; homestead exemption; increase income cap
summary
Introduced
03/03/2025
03/03/2025
In Committee
03/21/2025
03/21/2025
Crossed Over
03/10/2025
03/10/2025
Passed
04/07/2025
04/07/2025
Dead
Signed/Enacted/Adopted
05/13/2025
05/13/2025
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend an Act to provide for a homestead exemption from City of Peachtree City ad valorem taxes for municipal purposes in the amount of $5,000.00 of the assessed value of the homestead for residents of that city who are 65 years of age or over and whose income does not exceed $30,000.00, approved May 5, 2005 (Ga. L. 2005, p. 3719), so as to increase the income cap related to qualifying for such exemption to $60,000.00; to increase the value of the exemption to $30,000.00 of the assessed value; to provide for compliance with constitutional requirements; to provide for a referendum, effective dates, and automatic repeal; to provide for mandatory execution of election and judicial remedies regarding failure to comply; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill amends a previous law to expand a homestead tax exemption for senior citizens in Peachtree City, Georgia. Specifically, the bill increases the income cap for qualifying residents from $30,000 to $60,000 and raises the tax exemption amount from $5,000 to $30,000 of the assessed home value for residents who are 65 years of age or older. The bill requires a referendum election to be held on the Tuesday following the first Monday in November 2025, where Peachtree City voters will decide whether to approve the expanded tax exemption. If more than half of the votes cast are in favor, the new exemption will take effect on January 1, 2026. The bill also includes provisions ensuring mandatory compliance with election requirements, allowing for judicial remedies if the election is not properly conducted. The legislation requires a two-thirds majority vote in both the Georgia Senate and House of Representatives to become law, reflecting the constitutional requirements for local tax exemption measures.
Committee Categories
Government Affairs
Sponsors (4)
Last Action
Effective Date 2025-05-13 (on 05/13/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/71071 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/237021 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/234822 |
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