HB299.html

To amend Code Section 48-5-52 of the Official Code of Georgia Annotated, relating to homestead exemptions from school district ad valorem taxation for educational purposes for residents who are 62 years of age or older, so as to change the income limitation provisions of such exemption; to specify certain terms, conditions, and procedures relating thereto; to provide for applicability; to provide for effective dates; to provide for a special election; to provide for automatic repeal under certain circumstances; to repeal conflicting laws; and for other purposes.

Code Section 48-5-52 of the Official Code of Georgia Annotated, relating to homestead exemptions from school district ad valorem taxation for educational purposes for residents who are 62 years of age or older, is amended by striking subsection (a) and inserting in its place a new subsection (a) to read as follows:
"(a) The homestead of each resident of each independent school district and of each county school district within this state who is 62 years of age or ~~over~~ older and ~~who~~, for the purposes of all tax years beginning on or after January 1, ~~1988~~ 2003, ~~has a gross~~ whose net income ~~from all sources, including the income of all members of the family residing~~ together with the net income of the spouse who also occupies and resides ~~within the~~ at such homestead, ~~not exceeding $10,000.00 per annum~~ as net income is defined by Georgia law from all sources, except as otherwise provided in this subsection, does not exceed $10,000.00 for the immediately preceding taxable year for income tax purposes, is exempted from all ad valorem taxes for educational purposes levied by, for, or on behalf of any such school system, including taxes to retire school bond indebtedness. For the purposes of this subsection, net income shall not include income received as retirement, survivor, or disability benefits under the federal Social Security Act or under any other public or private retirement, disability, or pension system, except such income which is in excess of the maximum amount authorized to be paid to an individual and his or her spouse under the federal Social Security Act. Income from such sources in excess of such maximum amount shall be included as net income for the purposes of this subsection. The exemption shall not exceed $10,000.00 of the homestead´s assessed value. Except as otherwise specifically provided by law, the value of that property in excess of such exempted amount shall remain subject to taxation."

Unless prohibited by the federal Voting Rights Act of 1965, as amended, the Secretary of State shall call and conduct a special election as provided in this section for the purpose of submitting this Act to the electors of the State of Georgia for approval or rejection. The Secretary of State shall conduct that special election on the date of the November, 2002, state-wide general election. The Secretary of State shall issue the call and conduct that special election as provided by general law. The Secretary of State shall cause the date and purpose of the special election to be published in the official organ of each county in the state once a week for two weeks immediately preceding the date of the special election. The ballot shall have written thereon the following:

All persons desiring to vote for approval of the Act shall vote "Yes," and those persons desiring to vote for rejection of the Act shall vote "No." If more than one-half of the votes cast on such question are for approval of the Act, then Section 1 of this Act shall become effective on January 1, 2003, and shall be applicable to all taxable years beginning on or after that date. If the Act is not so approved or if the election is not conducted as provided in this section, Section 1 of this Act shall not become effective and this Act shall be automatically repealed on the first day of January immediately following that election date.