Plain English Breakdown
The official text mentions exemptions for 'certain residents' and 'certain other residents' but does not list specific eligibility criteria beyond age or disability status in this summary.
Lilburn City Homestead Tax Exemption Update
This law adds a new property tax break for Lilburn homeowners if their home's value rises by more than 8% from the previous year.
What This Bill Does
- Amends an existing act to provide homestead exemptions from City of Lilburn ad valorem taxes.
- Provides an additional exemption equal to the amount a home's current assessed value exceeds its prior year value by more than 8 percent.
- Maintains the $5,000 exemption for certain residents and the $10,000 exemption for residents aged 65 or older or who are disabled.
- Repeals laws that conflict with these new tax rules.
Who It Names or Affects
- Residents of the City of Lilburn who own a homestead property.
- Homeowners in Lilburn whose property value increases by more than 8 percent from one year to the next.
- Seniors aged 65 or older and disabled residents living in Lilburn.
Terms To Know
- Ad valorem tax
- A property tax based on the assessed value of a home or land.
- Homestead exemption
- A reduction in taxable value for a person's primary residence to lower their property taxes.
Limits and Unknowns
- The text does not specify the exact steps residents must take to claim this new exemption.
- The source material does not state if there is a maximum dollar limit on how much value can be exempted under the new rule.