Bill > HB260

This bill proposes to increase the state-wide homestead exemption from $2,000 to $5,000 for property taxes levied for state, county, and school purposes, with some specific exceptions. The bill requires approval through a referendum election to be held no later than November 2026, where voters will decide whether to approve the increased homestead exemption. If more than half of the votes cast are in favor, the new $5,000 exemption will take effect on January 1, 2027. The bill also includes a provision that allows homeowners who participate in rural housing programs to retain their existing homestead exemption. To become law, the bill must receive a two-thirds majority vote in both the Georgia Senate and House of Representatives. If the referendum does not pass or the election is not conducted as specified, the bill will be automatically repealed. The bill aims to provide additional property tax relief for homeowners by increasing the amount of value exempt from taxation, which could help reduce the overall tax burden for Georgia residents.

Budget and Finance

https://www.legis.ga.gov/legislation/69873