The Gainesville Mayor and City Council will meet in special session Thursday morning to consider resolutions related to state House Bill (HB) 1601 and (HB) 1602, both of which address property taxes.
HB 1601 establishes a $10,000 homestead exemption from city ad valorem taxes for qualifying residents thereby reducing the property tax on primary residences. The exemption applies to municipal ad valorem taxes, including those used to pay interest and retire bonded indebtedness.
HB 1602 applies a homestead exemption from city school taxes equal to $10,000 of the assessed value of their homestead. The portion of the property’s value above that amount remains taxable.
The meeting will be at 9:00 and will be followed by the regularly scheduled work session.