February 15th 2024.
Recently, the Georgia State Senate made a decision that could greatly benefit older residents in Atlanta. On Feb. 13, they passed Bill 439, which proposes a homestead tax exemption for individuals aged 65 or above who reside within the city's limits. The main criteria for eligibility is having a single or combined income that does not surpass $100,000 per year. If approved, these homeowners would be excluded from paying ad valorem taxes that contribute to funding Atlanta City Schools. This proposal was put forward by Democratic Sen. Jason Esteves, who believes it will offer some much-needed relief to seniors struggling with the increasing property tax costs in Atlanta.
In a statement released to the press, Sen. Esteves expressed his gratitude for the support of his colleagues in the Senate and his hope for the bill's approval in the House. He sees this initiative as a step towards promoting fairness and prosperity for all, and he is proud to be a champion for the well-being of his constituents in the City of Atlanta.
For a resident to be granted a homestead exemption, they must both physically live in the property and have established legal residence at that address. However, the bill also takes into consideration exceptional circumstances such as a person being away from their home for medical reasons. In such cases, they can still receive the exemption if they inform the tax commissioner of their circumstances.
Additionally, the Georgia bill sets a limit on the maximum amount of homestead exemptions that can be granted, capping it at $10 million annually. In the event that the total amount of exemptions exceeds this limit in a given year, the governing authority or their representative must calculate the difference and reduce the amount of exemptions claimed by senior citizens accordingly.
If the bill successfully passes through both chambers of the Georgia General Assembly, it will then be signed into law by Governor Brian Kemp and will go into effect on Jan. 1, 2025. This could bring significant financial benefits to older homeowners in Atlanta and help ease the burden of property taxes. For more tips on managing taxes for Black business owners, check out our related content on tax deductions.
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