Georgia House Bill HB1250

Georgia 2023-2024 Regular Session

• Introduced: 2/12/24
• Report Pass: 2/20/24
• Refer: 2/21/24
• Engrossed: 2/20/24
• Report Pass: 2/29/24
• Enrolled: 4/1/24
• Chaptered: 5/1/24
• Passed: 5/1/24

Caption

Elbert County; ad valorem tax for county purposes for certain senior citizens; provide homestead exemption

Impact

If enacted, HB 1250 will specifically impact the tax obligations of senior citizens in the Elbert County school district. It will exempt eligible senior residents from additional tax burdens, thereby making property ownership more affordable for this demographic. The bill requires a referendum to be held in November 2024 to secure voter approval for its implementation, indicating that the community is to have a direct say in its acceptance. Upon passage, it will come into effect in January 2025 and remains valid through the 2028 tax year.

Summary

House Bill 1250 aims to provide a homestead exemption for senior citizens aged 65 and older within the Elbert County school district from ad valorem taxes for educational purposes. The exemption is calculated based on the difference between the current year's assessed value of a homestead and a predetermined base year assessed value, ensuring that only the increase in value is exempt from taxation. The bill is designed to ease the financial burden on seniors, allowing them to retain more of their income and assets in keeping with their fixed income circumstances during retirement.

Sentiment

General sentiment towards the bill appears to be supportive among stakeholders focused on aiding senior citizens. Proponents argue that it provides necessary financial relief to a vulnerable population that often faces economic challenges. Opponents, while less prominent in the discussions available, usually highlight concerns about the long-term impacts of tax exemptions on local funding for education, suggesting that such measures could reduce the funds available for public services if property tax income declines.

Contention

Notable points of contention include the potential implications of the exemption on the funding of educational services in Elbert County. Critics might argue that while it offers immediate relief to seniors, it could lead to budget shortfalls in local schools due to the reduction in tax revenue. Furthermore, the necessity for a majority vote to enact the bill adds an element of uncertainty regarding its future, with community members divided on the balance between supporting senior welfare and ensuring robust educational funding.