The Roswell City Council has given the green light to a Nov. 6 referendum that would seek voter approval for a new homestead exemption for property tax purposes.
The council acted on House Bill 707 of the Georgia General Assembly, which allows the exemption that would be the difference between the current year’s assessed value of a home, and its lowest, adjusted base year value.
The lowest base year value is the lowest assessed value in the 2016, 2017 and 2018 taxable years, after appeals, according to HB 707. The adjusted base year value is the base year adjusted annually by 3 percent or the inflation rate, whichever is lower.
The exemption would apply to all taxable years beginning on or after Jan. 1, 2019. It would automatically renew yearly as long as the owner occupies the residence as a homestead. It would not apply to ad valorem taxes of the state, school district or county.
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