Cherokee Co. Considers Floating Homestead
Posted: July 10th, 2008
Category: Atlanta Real Estate
The July 15th Primary Ballot contains a referendum for the purpose of establishing a “floating” homestead exemption.
An Act to Amend Property Assessments- House Bill 1269
“Shall the Act be approved which provides a homestead exemption from Cherokee County ad valorem taxes for county purposes in an amount equal to the amount by which the current year assessed value of a homestead exceeds the base year assessed value of such homestead?”
What Does it Mean to Homeowners?
The simple purpose of this measure is to protect homeowners, who occupy their home, from increased assessments. If approved by voters, property owners who receive a “homestead” exemption will have such exemption increase dollar for dollar with any increase in assessment. Thereby creating a “floating” homestead exemption.
This floating homestead exemption would only apply to the portion of a homeowners tax bill associated with county or city government. It does not impact the portion of the tax bill associated with the local school system.
The practical effect of this measure is to freeze the assessment portion of the property tax formula for homeowners. Under this plan a homeowners property tax would only go up if the local governing body votes to raise the tax (millage) rate. Again, it is important to note, this does not pertain to the school funding portion of a homeowner’s property tax. It is also limited to homestead properties. Commercial and other non-homestead properties, do not qualify.
I’d love to hear what our readers think on a floating homestead for Cherokee?
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