Decatur Commission Looks Provide Tax Relief By Expanding Homestead Exemptions
Decatur Metro | December 14, 2014 | 7:00 amOn Monday, the Decatur City Commission will vote to extend current homestead exemptions of all residential property owners with a focus on Decatur residents 62 and older. They will also vote to create a new exemption for seniors older than 62 with income less than $50,000. The specifics are as follows according to a note from City Manager Peggy Merriss to the commission…
- Increase the General Homestead Exemption for all residential owner-occupied properties from $20,000 to $25,000.
- Increase the General Homestead Exemption – B for residential owner-occupied properties 65 years of age or older from $1,000 to $10,000.
- Create a General Homestead Exemption – C for residential owner-occupied properties 62 years of age or older whose household income does not exceed $50,000 in the amount of $15,000.
The city commission asked city staff to investigate the possibility of expanding homestead exemptions in the last fiscal year. (The idea was also discussed on DM back in August in reaction to the diversity project.)
Ms. Merriss’ letter states that the annual tax deduction on a $400,000 home would be approximately $60 for a resident homeowner who doesn’t meet any other qualifications and $340 for a homeowner who meets all the aforementioned qualifications.
Appreciation. That increased 62 and up exemption average could cover a couple of winter gas bills. Now if we can manage to keep Dekalb County appraisals in check for cottages like mine. Developers eye my house as a tear down but for me this 1450 sq ft is home for two. Keeping the appraisal for my place fair and reasonable is a priority. It should be proportional to the mega houses with nearly three times the sq ft that sell for $8-900k. Then we’ll be able to stay in the community we love.
If someone will pay $300k for your home (or “lot”), regardless of his/her intended use, it is worth $300k.
I’m glad we’ve finally done this. Personally, I’d like to see it go a bit farther for the over 62 and/or under 50k a year crowd because, as Sharron points out, houses valued at 180K when we moved here in 2011 are worth 300K+ now. That’s a large leap for those on a fixed or limited budget. While no one like paying more taxes, I’d rather it fall to my household who are using the school system and hope to for the next 18 years than those who have already done their part or are struggling to do so.
Why not look at a cap on the yearly increase for existing owners at something like the rate of inflation?