Bill
Bill > HB581
GA HB581
GA HB581Audits and Accounts, Department of; revise deadlines, selection criteria, and required contents for certain annual economic analyses
summary
Introduced
02/23/2023
02/23/2023
In Committee
03/20/2024
03/20/2024
Crossed Over
03/06/2023
03/06/2023
Passed
04/03/2024
04/03/2024
Dead
Signed/Enacted/Adopted
04/18/2024
04/18/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, so as to provide requirements for ad valorem property tax bills; to provide for definitions; to provide for minimum mandatory reappraisal of parcels; to provide that county boards of tax assessors shall have the right to appeal concerning sales ratio studies under certain conditions; to revise the limitation on increasing new valuations established through appeals or agreements; to revise the required contents of annual notices of assessment; to revise requirements for notices of current assessment; to provide for a statewide adjusted base year ad valorem homestead exemption and provide procedures for opting out of such homestead exemption at the local level; to revise provisions for the maximum allowable sales and use tax rate; to authorize a new local option sales tax for the purpose of property tax relief in those political subdivisions that have in effect a base year value or adjusted base year value homestead exemption; to provide for authorization of tax and applicability; to provide for local authorization and referenda; to provide for imposition and termination of tax; to provide for administration and collection of tax; to provide for returns; to provide for distribution of tax proceeds; to provide for an effective date, applicability, and a contingent, automatic repeal; to provide for related matters; to repeal conflicting laws; and for other purposes. HB 581/AP
AI Summary
This bill makes several changes to Georgia's property tax laws:
It revises the definition of "fair market value of property" to clarify how certain property valuations should be determined. It requires ad valorem property tax bills to include additional information, such as the estimated "roll-back rate" that would result in no tax increase. It mandates that all parcels in a county be appraised at least every three years. It allows county boards of tax assessors to appeal sales ratio studies under certain conditions.
The bill also creates a new statewide adjusted base year homestead exemption for ad valorem taxes, which would allow a homeowner's assessed value to increase by no more than the inflation rate each year. This exemption would be automatically granted starting in 2025, unless a local government opts out by March 1, 2025 after holding public hearings.
Finally, the bill imposes a 2% cap on local sales and use taxes, with exceptions for certain transportation and educational taxes, and allows for a new local option sales tax for property tax relief in certain jurisdictions that have a base year homestead exemption.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Effective Date 2025-01-01 (on 04/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/64811 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/229562 |
| Floor Amendment AM 50 0088 | https://www.legis.ga.gov/api/legislation/document/20232024/229139 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/227891 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/215893 |
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