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Sr. tax break on ballotThu, 10/27/2005 - 4:02pm
By: John Munford
When Peachtree City voters head to the polls Nov. 8, they won’t just be picking a mayor and two council members for the next four years. Voters will also decide whether to approve a homestead tax exemption which would reduce the taxable value of homes by $5,000 for seniors 65 and over who have incomes of $30,000 or less. This reduction would only apply for city taxes and not taxes levied by the county or the school board. If approved, qualifying citizens would save $26.51 based on this year’s millage rate, said City Public Information Officer Betsy Tyler. The exemption would not begin until next year, however. To take advantage of the exemption, citizens will have to bring their income tax returns to City Hall so staff can verify they qualify for the income guideline, Tyler said. That process will need to be done each year, she added. There are 2,512 seniors who could qualify for the exemption according to the 2000 U.S. Census but only 1,570 estimated households will be eligible according to city estimates. The maximum cost to the city for this plan is $41,000, but that’s assuming that all seniors in the city will qualify under the income guidelines. The city has calculated estimates ranging from $6,220 if only 15 percent of seniors meet the income requirement to $12,441 if 30 percent of seniors meet the requirement. login to post comments |