Friday, October 17, 2008
News Atlanta/Fulton homestead exemption: Why not?
Posted by Scott Henry @ScottTheHenry on Fri, Oct 17, 2008 at 3:18 PM
This is another post in CL's 2008 Voter's Guide series. To review the entire Voter's Guide, click here.
The idea behind homestead exemptions is to make homeownership more affordable for low-income and fixed-income taxpayers by providing a property tax break for owner-occupied homes. More precisely, the tax burden is shifted to owners of rental property, investment property and high-priced real estate.
Fulton County and Atlanta haven’t raised their homestead exemptions for nearly two decades, during which time housing prices skyrocketed. So, while the referendum seeks to double the exemption from $15,000 to $30,000, it’s really a modest catchup. The owners of low-end homes would get the most benefit from increasing the exemption, but you’d have to live in a hovel worth less than $75,000 to avoid property taxes altogether.
Because there are several taxing jurisdictions involved, separate ballot questions apply to Atlanta city taxes, Atlanta school taxes and Fulton County taxes, but the Fulton school board isn’t taking part in the referendum so county taxpayers outside Atlanta won’t be eligible for the tax break. Unless you live in a Buckhead mansion or an apartment complex, you’ll want to vote yes.
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