Atlanta expands help for residents paying rising property taxes
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After a successful pilot program, Atlanta officials are now expanding the initiative that helps longtime residents keep their homes amid rising property taxes citywide.
Why it matters: Atlanta is rapidly redeveloping, and the rise in property values and taxes that comes with that change makes it harder for residents hang on to their investments.
Driving the news: Applications are open through May 31 for the Anti-Displacement Tax Relief Fund program, which pays for any property tax increases above a qualifying homeowner's base for the next 20 years.
- The city is using $10 million from the Centennial Yards Housing Trust Fund in partnership with its economic development agency, Invest Atlanta, to finance the program.
What they're saying: Mayor Andre Dickens said during a press conference last week that the city has "become, sometimes, a victim of our own success" and as more people move to Atlanta, housing prices — and thereby property values and taxes — increase.
- "It is important to me [that] we do everything that we can to protect the residents who help to build some of our most historically iconic communities," he said.
How it works: To be considered, participants must be at least 60 years old, have lived in the city of Atlanta since 2015, earn less than $48,000 a year and have an active homestead exemption.
Zoom in: Invest Atlanta received more than 200 applications for last year's pilot, but ended up only accepting 100, said CEO Dr. Eloisa Klementich, adding that 40% of those applicants were outside the test area.
- This year, Invest Atlanta projects to approve funding for around 245 applicants, Klementich said.
By the numbers: Last year's payout to pilot participants amounted to about $40,000.
- The increases Invest Atlanta covered ranged from $500 to $3,000, though the average was around $1,500, Klementich said.
- 79% of the participants were women.
- 97% were Black, Indigenous or people of color.
- 80% lived alone.
- "This program is hitting exactly those individuals that we want to support our seniors, our women, our BIPOC communities that are currently living by themselves," Klementich said.
When Mary Johnson received a postcard in the mail last year about the program, she said at the press conference, she "thought it was a scam."
- Her curiosity got the best of her, and she filled out the paperwork.
- After being told she was accepted, Johnson said she was grateful because the program helped offset the increase in property taxes she experienced.
- Quincy Alexander, another pilot program participant, said she calls the program "a blessing for me because of my income."
What we're watching: If Invest Atlanta will see even more applicants now that the program is available citywide.