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Started By
Message
Need help on amendment question on ballot
Posted on 10/20/20 at 8:23 am
Posted on 10/20/20 at 8:23 am
Shall the Act be approved which provides an exemption from ad valorem taxes for all real property owned by a purely public charity, if such charity is exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code and such real property is held exclusively for the purpose of building or repairing single-family homes to be financed by such charity to individuals using loans that shall not bear interest?
Explanation on a local website:
The referendum on Georgia’s Nov. 3 ballot could aid development of affordable housing but also remove taxable property from county tax rolls.
The ballot question amends the Official Code of Georgia to exempt all real estate owned by 501(c)(3)-registered charities from property taxes under certain conditions.
It reads:
Shall the Act be approved which provides an exemption from ad valorem taxes for all real property owned by a purely public charity, if such charity is exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code and such real property is held exclusively for the purpose of building or repairing single-family homes to be financed by such charity to individuals using loans that shall not bear interest?
What to know:
Who sponsored it?
October 17, 2020
House Bill 344, sponsored by Rep. Matthew Gambill, R-Cartersville, began life as an exemption for fine arts performances. The House Ways and Means Committee substituted the current version, which only affects charity-owned real estate.
Who does it help?
The referendum is supported by groups such as Habitat for Humanity, which routinely purchase properties to redevelop as affordable housing.
Gambill said the bill helps families “in need of low-income housing” as well as the housing groups during the period they own the homes.
The bill sets no timeline for a charity to own a property before redeveloping it, but specifies that it must be held exclusively for “building or repairing” single-family homes.
As Habitat does, the charities must provide interest-free financing to the new homeowner.
Explanation on a local website:
The referendum on Georgia’s Nov. 3 ballot could aid development of affordable housing but also remove taxable property from county tax rolls.
The ballot question amends the Official Code of Georgia to exempt all real estate owned by 501(c)(3)-registered charities from property taxes under certain conditions.
It reads:
Shall the Act be approved which provides an exemption from ad valorem taxes for all real property owned by a purely public charity, if such charity is exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code and such real property is held exclusively for the purpose of building or repairing single-family homes to be financed by such charity to individuals using loans that shall not bear interest?
What to know:
Who sponsored it?
October 17, 2020
House Bill 344, sponsored by Rep. Matthew Gambill, R-Cartersville, began life as an exemption for fine arts performances. The House Ways and Means Committee substituted the current version, which only affects charity-owned real estate.
Who does it help?
The referendum is supported by groups such as Habitat for Humanity, which routinely purchase properties to redevelop as affordable housing.
Gambill said the bill helps families “in need of low-income housing” as well as the housing groups during the period they own the homes.
The bill sets no timeline for a charity to own a property before redeveloping it, but specifies that it must be held exclusively for “building or repairing” single-family homes.
As Habitat does, the charities must provide interest-free financing to the new homeowner.
This post was edited on 10/20/20 at 8:24 am
3
Posted on 10/20/20 at 8:29 am to FlexDawg
Does this mean it reverts back to taxable property upon transfer of title from the Charitable Developer to the new owner?
It seems like it would be just as easy to provide tax credits to the developer to offset those taxes owed instead of actually converting the property from Taxed - NonTaxed-back to Taxed again.
I'd be a "No" for the reasons stated IF I am correct in my assumptions
It seems like it would be just as easy to provide tax credits to the developer to offset those taxes owed instead of actually converting the property from Taxed - NonTaxed-back to Taxed again.
I'd be a "No" for the reasons stated IF I am correct in my assumptions
Posted on 10/20/20 at 8:38 am to BlackHelicopterPilot
quote:
Does this mean it reverts back to taxable property upon transfer of title from the Charitable Developer to the new owner?
Idk. They never make these things transparent enough for the voters. I’m surprised I was able to figure out the first two amendments.
Posted on 10/20/20 at 8:40 am to BlackHelicopterPilot
That's how I would read it as well BHP. There is already enough BS with Homestead Exemptions, I could only imagine how bad it would get if you could keep your house inside of a 501(c)(3).
Also, as BHP points out once the house is transferred to the new owner and the 501(c)(3) no longer owns the house, this amendment would have no benefit to the new owner. Depending on GA's Homestead Exemption laws.
Also, as BHP points out once the house is transferred to the new owner and the 501(c)(3) no longer owns the house, this amendment would have no benefit to the new owner. Depending on GA's Homestead Exemption laws.
Posted on 10/20/20 at 9:06 am to FlexDawg
It sounds more like something to just lessen paperwork on the charity than something which will do any real good.
Most charitable housing is built on land that's already cheap as shite, meaning the home is likely to have a huge chunk (if not all) of its taxable value offset by homestead exemption right off the bat.
It might save the org(s) a little time and a few bucks but I doubt it's much.
Most charitable housing is built on land that's already cheap as shite, meaning the home is likely to have a huge chunk (if not all) of its taxable value offset by homestead exemption right off the bat.
It might save the org(s) a little time and a few bucks but I doubt it's much.
Posted on 10/20/20 at 9:13 am to FlexDawg
I'll be voting no.
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