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Bill > HB761

GA HB761

Lilburn, City of; ad valorem tax; provide additional homestead exemption

summary

Introduced
03/11/2025
In Committee
03/28/2025
Crossed Over
03/25/2025
Passed
04/07/2025
Dead
Signed/Enacted/Adopted
05/13/2025

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend an Act to provide a homestead exemption from all City of Lilburn ad valorem taxes for city purposes, including but not limited to taxes to retire bonded indebtedness in the amount of $5,000.00 of the assessed value of the homestead for certain residents of the City of Lilburn and in the amount of $10,000.00 of the assessed value of the homestead for certain other residents of the City of Lilburn who are 65 years of age or over or who are disabled, approved March 22, 1990 (Ga. L. 1990, p. 4469), so as to provide an additional homestead exemption in an amount equal to the amount by which the current year assessed value of a homestead exceeds the prior year assessed value of such homestead by more than 8 percent; to exclude taxes to retire bond indebtedness from certain exemptions provided; to increase the homestead exemption for certain residents who are 65 years of age or over; to provide that the expanded exemption for residents who are 65 years of age or over shall not apply to more than one acre of property; to provide for applicability; 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 proposes several changes to property tax exemptions for residents of the City of Lilburn, Georgia. It introduces a new homestead exemption that allows property owners to receive a tax exemption on any increase in their property's assessed value that exceeds 8% from the previous year. Additionally, the bill increases the homestead exemption for residents who are 65 years or older from $10,000 to $50,000, but limits this exemption to only one acre of property. Disabled residents will continue to receive a $10,000 exemption, also limited to one acre. The bill requires a referendum to be held in November 2025, where Lilburn voters will decide whether to approve these tax exemption changes. If more than half of the votes cast are in favor, the new exemptions will take effect on January 1, 2026. The bill also includes provisions ensuring that if the election is not properly conducted, the proposed changes will be automatically repealed. To become law, the bill must receive a two-thirds majority vote in both the Georgia Senate and House of Representatives.

Committee Categories

Government Affairs

Sponsors (3)

Last Action

Effective Date 2025-05-13 (on 05/13/2025)

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