SB41.html

To amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to tax exemptions, so as to increase the amount of the state-wide homestead exemption from all ad valorem taxation for state, county, and school purposes from $2,000.00 to $20,000.00; to specify the terms and conditions of the exemption and the procedures relating thereto; to provide for applicability; to provide for a referendum; to provide for automatic repeal under certain circumstances; to provide for effective dates; to repeal conflicting laws; and for other purposes.

Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated, relating to tax exemptions, is amended by striking Code Section 48-5-44, relating to the state-wide $2,000.00 homestead exemption from state, county, and school district ad valorem taxes, and inserting in its place a new Code Section 48-5-44 to read as follows:
"48-5-44.
(a) The homestead of each resident of this state actually occupied by the owner as a residence and homestead shall be exempted from all ad valorem taxation for state, county, and school purposes, except taxes levied by municipalities for school purposes and except to pay interest on and to retire bonded indebtedness, for as long as the residence and homestead is actually occupied by the owner primarily as a residence and homestead. The exemption shall not exceed ~~$2,000.00~~ $20,000.00 of the value of the homestead.
(b) Should the owner of a dwelling house on a farm who is already entitled to a homestead exemption participate in the program of rural housing and obtain a new house under contract with the local housing authority, he such owner shall be entitled to receive the same homestead exemption as allowed before making the contract.
(c) Except as otherwise specifically provided by law, the value of all homestead property in excess of ~~$2,000.00~~ $20,000.00 shall remain subject to taxation. The exemption shall be returned and claimed in the manner prescribed by law. This exemption shall not apply to taxes levied by municipalities."

Unless prohibited by the federal Voting Rights Act of 1965, as amended, the Secretary of State shall call and conduct a referendum 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 election on the date of the November, 2004, state-wide general election. The Secretary of State shall issue the call and conduct that election as provided by general law. The Secretary of State shall cause the date and purpose of the 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 referendum. 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, 2005, and shall apply to all tax 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.