Early County; ad valorem tax for educational purposes; provide homestead exemption
Impact
The bill mandates that an election be held during the general primary in 2024 to allow residents of the Early County School District to vote on the continuation of this tax relief. If the referendum passes with a majority vote, the exemption will be extended; if not, the bill will be repealed. This legislative action may significantly impact local tax revenues, as the ongoing exemption could reduce funding available for educational programs funded by these ad valorem taxes.
Summary
House Bill 391 proposes to amend an existing Act that provides a homestead exemption from ad valorem taxes for educational purposes in Early County. This exemption, originally established for seniors aged 70 and above, allows for a $150,000 reduction in assessed value for five years. The proposed amendment aims to remove the expiration date, allowing eligible residents to benefit from the exemption indefinitely, provided the legislation is approved by voters in a referendum.
Contention
Notably, the passage of HB 391 hinges on obtaining a two-thirds majority vote in both the Senate and the House of Representatives. This requirement reflects the importance of broad support for tax-related legislation, especially in matters impacting local funding. Arguments against the bill may arise from concerns about the long-term implications for educational funding in Early County, and whether the tax benefits for seniors could detract from available resources for younger constituents or other community needs.