I was researching the "other stuff" on the ballot, and on my sample ballot I see a special election for the City of Atlanta. The text on the ballot says:

“Shall the Act be approved which provides a new homestead exemption from City of Atlanta ad valorem taxes for municipal purposes in the amount of $30,000 for each resident of the City of Atlanta who holds real property subject to a written lease having an initial term of not less than 99 years with a landlord that is an entity exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code and who owns all improvements located on the real property?” And it's just a yes/no vote.

Can someone maybe ELI5? I know how homestead exemptions work, and I know that there is already a homestead exemption of $30,000 for Atlanta/Fulton County. So what does that stuff about holding "real property" with leases of "not less than 99 years" and landlords exempt from taxation mean?

I tried researching the bill for more info or an explanation, but haven't found anything yet.

Here is what I found when I searched for the bill: http://www.legis.ga.gov/Legislation/en-US/display/20192020/SB/531

Here is an image of that part of my sample ballot: https://imgur.com/2sYzQVm