Plain English Breakdown
The official source confirms the existence of a referendum and automatic repeal but does not provide details on their mechanics or timing, leaving those aspects uncertain.
Petrea-Stephens-Franklin-Watson Tax Relief Act
This law creates a property tax exemption for homeowners in Bryan County school districts based on the increase in their home's 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 a homestead.
- Defines specific terms used in the law.
- Sets out the conditions homeowners must meet to receive the exemption.
- Establishes procedures related to the exemption, including how it applies.
- Includes provisions for compliance with constitutional requirements.
Who It Names or Affects
- Homeowners of homesteads in Bryan County
- The Bryan County school district
Terms To Know
- Homestead exemption
- A reduction or removal of property taxes for a person's primary residence.
- Ad valorem tax
- A tax based on the assessed value of real estate, such as land and buildings.
- Assessed value
- The dollar amount assigned to a property by officials for calculating taxes.
Limits and Unknowns
- The official summary does not specify which year is used as the 'base year' for calculations.
- The text mentions that a referendum and automatic repeal are included but does not explain how these processes work or when they occur.
- Specific application forms, deadlines, or detailed steps to receive the exemption are mentioned generally but not described in this summary.