What It Is: House Bill 518 provides for a statewide floating homestead exemption that applies to counties, cities and school districts. The bill would cap the assessed value of your home at the inflation rate of the previous year.
For example, if the inflation rate was 2 percent, the assessed value of your home could not increase by more than that amount. Jurisdictions such as Lilburn are allowed to opt out of the homestead exemption.
Lilburn’s Intent: The Mayor and City Council intend to opt out of the statewide adjusted base year ad valorem homestead exemption for the city of Lilburn.
Public Hearings: All concerned citizens are invited to the following public hearings on this matter:
- Monday, Feb. 3, 2025, at 10 a.m. and 6 p.m.
- Monday, Feb. 10, 2025, at 4 p.m.
All public hearings on this issue will be held on the 2nd floor of City Council Chambers, 340 Main St., Lilburn.