Plain English Breakdown
The official text confirms the requirement for a referendum but does not specify the date or exact voting threshold required within the provided summary.
Petrea-Stephens-Franklin-Watson Tax Relief Act
This law creates a property tax exemption for homesteads in Bryan County school districts based on the increase in value since a base year.
What This Bill Does
- Provides an exemption from ad valorem taxes levied by the Bryan County school district for educational purposes.
- Calculates the exempt amount as the difference between the current year assessed value and the base year assessed value of the homestead.
- Defines terms, specifies conditions and procedures for the exemption, and sets rules for applicability.
- Requires a referendum (election) to be held before the law takes effect.
- Includes provisions for automatic repeal if constitutional requirements are not met.
Who It Names or Affects
- Homeowners in Bryan County who hold their property as a homestead.
- The Bryan County school district, which collects the taxes subject to this exemption.
Terms To Know
- Homestead
- A home that serves as the primary residence of the owner and is eligible for specific tax exemptions under this law.
- Ad valorem tax
- A tax based on the assessed value of property, such as real estate used by school districts.
- Assessed value
- The dollar amount assigned to a property for calculating taxes, which can change from year to year.
Limits and Unknowns
- The exemption applies only to properties within Bryan County.
- The law will not take effect unless voters approve it in the required referendum.
- Specific details regarding the base year and exact procedures are defined by the bill but may require further implementation steps.