Plain English Breakdown
The exact dollar amounts of the increased exemptions are not provided in the source material, only that they will be raised.
Norcross City Tax Exemption Increase
This law raises the amount of city property tax that homeowners in Norcross can exclude from their bills.
What This Bill Does
- Increases the homestead exemption for residents who own and live in their homes.
- Raises the exemption specifically for residents aged 62 or older who own and occupy their residences.
- Amends a previous law approved on March 20, 1990, to update these tax amounts.
Who It Names or Affects
- Residents of the City of Norcross
- Homeowners who live in their own properties
- Seniors aged 62 or older living in Norcross
Terms To Know
- Ad valorem tax
- A property tax based on the value of a home.
- Homestead exemption
- An amount subtracted from a home's value before calculating taxes, lowering the bill for owners who live there.
Limits and Unknowns
- The specific dollar amounts of the new exemptions are not listed in this summary.
- Details about how voters will approve these changes through a referendum are mentioned but not described here.