The Johns Creek City Council, acting under authority granted to it by special state legislation passed earlier this year, has called a referendum for Nov. 6 asking residents to approve a new homestead exemption on city property taxes.
A resolution approved by the council cites House Bill 708, which allows Johns Creek to provide for a new homestead exemption equal to the amount by which the current year’s assessed value of a home exceeds the adjusted base year of the property, adjusted for inflation.
The adjusted base year is the lowest assessed value of the 2016, 2017 and 2018 taxable years, multiplied by the inflation rate of 1.0423 for those years, according to HB 708. The exemption would automatically renew every year as long as the owner occupies the residence as a homestead.
The exemption is for city ad valorem taxes and does not apply to state, county or school taxes. If approved by voters, it would take effect Jan. 1, 2019.
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