SUMMARY:

            This bill would amend Part 1 of Chapter 5 of Title 48 of the O.C.G.A. to provide a homestead exemption to all residents of the state equal to the median value of a homestead in the county where the homestead is the primary residence of the taxpayer.

REQUIREMENTS:

• The median value would be derived from the immediately preceding year’s tax digest.
• Taxpayers would have to apply with the county tax commissioner for the exemption, but it would automatically renew annually as long as the homeowner resided in the house.
• The exemption would be in addition to other homestead exemptions.
• It would go into effect January 1, 2011.
• A referendum would be required for the legislation to take effect.