05 LC 18
4339
House
Bill 803
By:
Representatives Scott of the
2nd,
Royal of the
171st,
Yates of the
73rd,
and Williams of the
4th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Code of
Georgia Annotated, relating to tax exemptions, so as to increase the state-wide
homestead exemption for disabled veterans to a full-value homestead exemption;
to provide an effective date; to provide for applicability; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 2 of Chapter 5 of Title 48 of the Official Code of Georgia
Annotated, relating to tax exemptions, is amended by striking subsection (b) of
Code Section 48-5-48, relating to the state-wide homestead exemption for
disabled veterans, and inserting in its place a new subsection (b) to read as
follows:
"(b)
Any disabled veteran as defined in any paragraph of subsection (a) of this Code
section who is a citizen and resident of Georgia is granted an exemption
of the
greater of $32,500.00 or the maximum amount which may be granted to a disabled
veteran under Section 2102 of Title 38 of the United States Code, as
amended, on his or her homestead which
such veteran owns and actually occupies as a residence and homestead,
for the full
value of the homestead, such exemption
being from all ad valorem taxation for state, county, municipal, and school
purposes.
As of
January 1, 2004, the maximum amount which may be granted to a disabled veteran
under the above-stated federal law is $50,000.00. The value of all property in
excess of the exempted amount cited above shall remain subject to
taxation. The unremarried surviving spouse
or minor children of any such disabled veteran as defined in this Code section
shall also be entitled to an exemption
of the
greater of $32,500.00 or the maximum amount which may be granted to a disabled
veteran under Section 2102 of Title 38 of the United States Code, as amended, on
the
on
such
homestead, for
the full value of the homestead, so long
as the unremarried surviving spouse or minor children continue actually to
occupy the home as a residence and homestead, such exemption being from all ad
valorem taxation for state, county, municipal, and school purposes.
As of
January 1, 2004, the maximum amount which may be granted to the unremarried
surviving spouse or minor children of any such disabled veteran under the
above-stated federal law is $50,000.00. The value of all property in excess of
such exemption granted to such unremarried surviving spouse or minor children
shall remain subject to
taxation."
SECTION
2.
This
Act shall become effective on January 1, 2006, and shall apply to all tax years
beginning on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.