Review existing senior property tax relief programs: Analyze the effectiveness, eligibility criteria, and impacts of current senior citizen exemptions in DeKalb County and the Stateof Georgia. Explore different program structures, such as tax credits, deferrals, homestead exemptionstailored for seniors, or other mechanisms, taking into account factors like income thresholds, property value limits, and the possibility of indexing such limits to inflation. A. Determine eligibility criteria: Evaluate various approaches to define eligible senior citizens, including potential age and income requirements, considering the impact of householdincome on eligibility. B. Estimate program costs: Quantify the financial impact on the City of Pine Lake, Georgiainterms of lost tax revenue, legal and administrative expenses associated with implementingand managing the program, and any other relevant costs. C. Assess program benefits: Evaluate the potential benefits for senior citizen property owners, including reduced tax burdens, increased disposable income, enhanced financial stability, and the potential to remain in their homes. D. Consider broader economic and social impacts: Analyze potential ripple effects on the local economy, property values, and community well-being, while acknowledging that a thorough evaluation needs to go beyond economic efficiency to include social values andcommunity needs. E. Develop a financial model: Create a model to project the financial implications of different program scenarios over a defined timeframe (e.g., 5, 10, 20 years), accounting for factors like the number of eligible seniors, property value changes, and inflation. F. Conduct sensitivity analysis: Evaluate the robustness of the findings by analyzing howtheresults change under different assumptions about key variables, such as the small sizeof the Pine Lake community, participation rates, income levels, and property value appreciation, to assess the uncertainty associated with cost/benefit estimates. G. Review and outline tax benefits offered to senior citizens by The One Big Beautiful Bill Act (OBBBA) recently passed by the 119th United States Congress. H. Prepare a comprehensive report: Present the study findings in a detailed report with clear conclusions, actionable recommendations, and a summary of the cost/benefit analysis, addressing both quantifiable and qualitative considerations.
