Staff Analysis of the Legislation
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SUMMARY: LC 28 7737 LC 28 8011S
Would create a new statewide homestead exemption if approved by the voters on 2016 November ballot. If the property valuation increases more than 3% or CPI whichever is less, the homestead exemption would increase to offset the higher value. The exemption would apply to all property taxes -- state, county, city, and schools but not to property taxes to pay interest on and to retire bonded indebtedness.
EFFECTIVE DATE:
January 1, 2017 if passed by the voters. |