Plain English Breakdown
The official summary confirms a referendum is required but does not specify if voter approval has already occurred or when the vote will take place.
Augusta-Richmond County Homestead Tax Exemption
This law creates a property tax break for homeowners in Augusta-Richmond County on the amount their home's value has increased since an adjusted base year.
What This Bill Does
- Provides an exemption from ad valorem taxes used for consolidated government purposes.
- Calculates the exemption based on how much the current assessed value exceeds the adjusted base year assessed value.
- Defines specific terms and sets conditions that homeowners must meet to get the break.
- Outlines procedures related to applying for and managing the tax exemption.
Who It Names or Affects
- Homeowners in Augusta-Richmond County who use their property as a homestead.
- The consolidated government of Augusta-Richmond County responsible for collecting taxes.
Terms To Know
- Ad valorem tax
- A tax based on the value of the land or building, as referenced in the bill title regarding property taxes.
- Homestead exemption
- A reduction in taxes for a person's primary residence provided by this act.
Limits and Unknowns
- The law requires compliance with constitutional requirements, including holding a referendum.
- The specific year serving as the 'base year' is not defined in the summary text.
- The exemption applies only to taxes used for consolidated government purposes.