City of Decatur New Homestead Exemption
Creates an additional tax break for moderate-to-low-income property owners
How it appears on your ballot
"Shall the Act be approved which provides a new homestead exemption from City of Decatur ad valorem taxes for municipal purposes in the amount of $40,000.00 for each resident of the City of Decatur who holds real property subject to a written lease having an initial term of not less than 99 years with a landlord that is an entity exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code and who owns all improvements located on the real property, subject to sale restrictions intended to preserve the affordability of the residence? Yes or No. "
House Bill 634, Act No. 165
The Branch Breakdown
What it means
This referendum proposes a new type of homestead exemption designed to help residents of affordable housing properties.
For background, a homestead exemption reduces the amount of property taxes homeowners owe on their residence. Most City of Decatur homeowners receive a standard homestead exemption of $25,000.
This referendum would create an additional homestead exemption of $40,000 for homeowners whose houses are on land managed by a land trust. A land trust is a nonprofit whose primary mission is to create affordable housing, such as the Decatur Land Trust.
This new exemption would apply to the homeowners who live in homes on land owned by the land trust. It would not apply to the land trust itself. These homeowners are primarily moderate-to-low-income individuals.
A "yes" vote means
- Individuals who reside on land managed by a land trust will pay less in property taxes.
A "no" vote means
- No additional property tax exemption will be created for individuals who reside on land managed by a land trust.