SUMMARY: (Substitute offered by Senate Finance Committee)

            This bill would amend Part 1 of Article 2 of Chapter 5 of Title 48 of the O.C.G.A. to increase the amount of state-wide homestead exemption from ad valorem taxation for state, county and school purposes from $2,000 to $4,000 and to make the exemption applicable to municipalities and independent school districts.  A special election would be required.

REQUIREMENTS:

• Beginning January 1, 2010 the exemption would be increased by a percentage equal to the cost-of-living index, as long as it increases. 
• The bill would extend the homestead exemption to homeowners residing in municipalities and independent school districts.
• A special election would have to be held with voter approval before the law would go into effect.