Georgia SB5 proposes a homestead exemption from City of Toccoa ad valorem taxes based on a new Local Homestead Option Sales Tax.

Georgia SB5 establishes a homestead exemption from City of Toccoa ad valorem taxes for municipal purposes. The exemption amount equals the assessed value of the homestead property, determined annually using the proceeds of a new 1 percent Local Homestead Option Sales Tax within Stephens County. The exemption applies to all taxable years from January 1, 2027, to December 31, 2039. Residents must apply for the exemption, which is renewable annually if eligibility is maintained. The bill requires a referendum for approval and mandates the election superintendent to conduct the election.

Georgia SB5 proposes a homestead exemption from City of Toccoa ad valorem taxes based on a new Local Homestead Option Sales Tax.

Georgia SB5 establishes a homestead exemption from City of Toccoa ad valorem taxes for municipal purposes. The exemption amount equals the assessed value of the homestead property, determined annually using the proceeds of a new 1 percent Local Homestead Option Sales Tax within Stephens County. The exemption applies to all taxable years from January 1, 2027, to December 31, 2039. Residents must apply for the exemption, which is renewable annually if eligibility is maintained. The bill requires a referendum for approval and mandates the election superintendent to conduct the election.