GWINNETT COUNTY, Ga. — Homeowners in Norcross will have the opportunity to vote on the Norcross Homestead Act this November, which could significantly reduce their city property taxes.
City leaders say for some, it could mean not having to pay city taxes at all.
The Norcross Homestead Act aims to address rising property taxes by allowing homeowners to pay taxes on a smaller portion of their home’s value. The measure, if passed, could save homeowners between $225 and $450 a year, depending on the homeowner’s age and the property’s value.
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“Our budget has been in surplus for the last few years, and I believe giving those tax dollars back to the community. And any small amount or large amount is going to be helpful for them,” Norcross City Council Member Matt Myers told Gwinnett County Bureau Chief Matt Johnson.
This initiative is a response to what Myers describes as an affordability crisis, with home values having increased nearly 400% since 1990, the last time the exemption was updated.
“I don’t think it’s typical that people would vote against a tax cut,” Myers said.
The city council approved the tax cut proposal last December and subsequently worked with state legislators to pass it through the Georgia General Assembly.
“If you’re a $225,000 homeowner and a senior, you’re essentially paying no taxes within the city of Norcross,” Myers said.
While the city stands to lose more than $650,000 in annual revenue due to the tax cuts, Myers assures that budget surpluses and adjustments can offset the shortfall.
“It’s up to the voters in November to do what they feel is right,” Myers stated.
City leaders are also considering attracting more businesses and stimulating economic development to compensate for the reduced tax income.
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