Plain English Breakdown
The official summary mentions 'adjusted base year assessed value' but does not define what year is used or how the adjustment works.
Homestead Tax Exemption for Social Circle Residents
This law creates a property tax break in the City of Social Circle that lowers taxes on homes based on how much their current value exceeds an adjusted base year value.
What This Bill Does
- Provides an exemption from city ad valorem (property) taxes for homeowners in Social Circle equal to the amount by which the current assessed value exceeds the adjusted base year assessed value.
- Defines terms and sets specific rules, conditions, and procedures for getting this exemption.
- Requires a public vote, or referendum, before the law takes effect.
- Includes an automatic end date (repeal) if certain conditions are not met.
Who It Names or Affects
- Homeowners who live in their own homes within the City of Social Circle.
- The City of Social Circle government agencies that collect taxes and manage elections.
Terms To Know
- Ad valorem tax
- A property tax based on the value of a home or land.
- Homestead exemption
- A reduction in taxes for people who live in their own homes as their primary residence, calculated by comparing current and base year values.
Limits and Unknowns
- The law only applies if voters approve it in a referendum.
- The official text does not state which specific year is used as the 'base year' for calculations or how that value is adjusted over time.
- The exemption ends automatically on a future date unless extended by new laws.