By Zoe Seiler, Decaturish
DeKalb County Chief Executive Officer Michael Thurmond proposed a tax cut that would save homeowners $1 billion over six years.
The equalized homestead option sales tax credit would provide relief to homeowners who qualify for a homestead exemption. The EHOST will be on the ballot as a referendum in November for voters to approve, according to a press release.
“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.
The current EHOST was approved by voters in 2017. The total savings will be about $738 million by the end of the year.
Qualified homeowners will receive and EHOST credit that reduces or offsets property tax liability. The amount of property tax relief is based on the assessed value of the homestead property and sales tax revenue generated by EHOST.
The EHOST is not applied against taxes levied by cities, school districts or tax allocation districts in DeKalb County.