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04 LC 18 3248S
The House Committee on Ways and Means offers the following substitute to HB 138:
A BILL TO BE
ENTITLED
AN ACT
AN ACT
To amend Code Section 48-5-72 of the Official Code of
Georgia Annotated, relating to homestead tax deferral for senior citizens, so as
to increase the amount of ad valorem taxes subject to such deferral; to provide
an effective date; to provide for applicability; to repeal conflicting laws; and
for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Code Section 48-5-72 of the Official Code of Georgia
Annotated, relating to homestead tax deferral for senior citizens, is amended by
striking subsection (a) and inserting in its place a new subsection (a) to read
as
follows:
"(a) Any individual aged 62 or older who is entitled to claim a homestead exemption may elect to defer payment of all or part of the ad valorem taxes levied on such individual´s homestead by filing an annual application for tax deferral with the appropriate tax official on or before April 1 of the year for which the deferral is sought. If the homestead for which a deferral is requested has an assessed value for purposes of ad valorem taxation of$50,000.00 $65,000.00
or more, the deferral may apply only to the taxes on that portion of the
assessed value which is $50,000.00 $65,000.00 or
less."
"(a) Any individual aged 62 or older who is entitled to claim a homestead exemption may elect to defer payment of all or part of the ad valorem taxes levied on such individual´s homestead by filing an annual application for tax deferral with the appropriate tax official on or before April 1 of the year for which the deferral is sought. If the homestead for which a deferral is requested has an assessed value for purposes of ad valorem taxation of
SECTION 2.
This Act shall become effective on January 1, 2005, and
shall be applicable to all taxable years beginning on or after that
date.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.