DeKalb County CEO proposes cutting property taxes by $1 billion
The DeKalb County Government CEO proposed a $1 billion tax cut for homeowners to the Board of Commissioners.
According to the announcement by the DeKalb County Government, Michael Thurmond proposed the tax cut, which if passed is projected to save homeowners $1 billion in property tax payments over six years.
Due to the nature of the proposal, it will have to be approved via a referendum vote scheduled for November.
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According to Thurmond, the tax relief proposal will help the county improve housing affordability and counter gentrification by having the tax relief come by way of an Equalized Homestead Option Sales Tax credit, for homeowners who qualify for a homestead exemption.
The tax credit from the EHOST proposal would credit property taxes for homeowners in DeKalb to offset or reduce their overall tax bill, based on the assessed value of the homesteaded property.
Assessed values change every year, meaning there is a possibility that homeowners could save different amounts each year, if the proposal is approved in November.
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Homeowners who have a homestead tax exemption can only apply it to one residence.
According to officials, voters approved the current EHOST for the county in 2017, creating savings of roughly $738 million by the end of 2023.
EHOST credits are not applied to taxes levied by DeKalb municipalities, school districts, or tax districts.
“The proposed EHOST tax relief is part of a comprehensive strategy to improve housing affordability, counter gentrification and increase the marketability of homes,” Thurmond said in a statement.
At this time it’s unclear how much individual homeowners could save each of the six years the proposal would be in effect.
Should voters approve the plan, relief would start in 2024.
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