Bill > HB362

This bill provides a unique homestead tax exemption for residents of the Bryan County school district, specifically for educational ad valorem (property) taxes. The exemption allows homeowners to reduce their tax burden by the amount that their current property value exceeds their "adjusted base year assessed value," which is calculated using the previous year's assessed value, an inflation adjustment, and any substantial property changes. To qualify, homeowners must file an initial application with the Bryan County tax commissioner, after which the exemption will be automatically renewed each year as long as they continue to occupy the property as their primary residence. The bill requires a referendum to be held in November 2025, where voters in the Bryan County school district will decide whether to approve this tax exemption. If more than half of the votes cast are in favor, the exemption will take effect on January 1, 2026. Importantly, this exemption does not apply to state, county, independent school district, or municipal ad valorem taxes, and homeowners cannot use it in conjunction with other base year value homestead exemptions. The bill also mandates that the tax commissioner develop a standardized method for calculating annual inflation rates to determine the exemption's value.

Government Affairs

https://www.legis.ga.gov/legislation/70124