The Milton City Council, acting on local legislation passed earlier this year by the General Assembly, has put a question on the Nov. 6 ballot asking residents to approve a new homestead exemption from municipal ad valorem taxes.
The referendum will ask: “Do you approve a new homestead exemption from City of Milton property taxes for city purposes in the amount of the difference between the current year assessed value of a home and its lowest base year value, provided that the lowest base year value will be adjusted yearly by the lesser of 3 percent or the inflation rate?”
For most homeowners, “lowest base year value” would be the lowest assessed value, including final determinations after appeals, among the 2016, 2017 and 2018 taxable years, according to House Bill 710.
The exemption would begin in the taxable year starting Jan. 1, 2019; automatically be renewed from one year to the next, as long as the owner occupies the residence as a homestead; and not apply to state, county or school ad valorem taxes.
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