Bill > SB161

This bill provides a new homestead tax exemption for residents of the Gordon County school district, allowing homeowners to reduce their school district property taxes based on the difference between their current property assessment and a base year assessment. The bill defines key terms like "base year assessed value" (typically the property's 2024 assessed value) and "adjusted base year assessed value," which accounts for inflation and substantial property changes. Homeowners would need to apply initially for the exemption, but once approved, it would automatically renew each year as long as they continue to occupy the property. The exemption applies only to Gordon County school district educational ad valorem taxes and would not affect other tax jurisdictions. Importantly, the bill requires a referendum in November 2025, where voters in the Gordon County school district will decide whether to approve the tax exemption. If more than half of voters approve the measure, the exemption would take effect on January 1, 2026. The bill also includes provisions ensuring that if the referendum fails or is not properly conducted, the act will be automatically repealed. To become law, the bill must receive a two-thirds majority vote in both the Georgia Senate and House of Representatives.

Government Affairs

https://www.legis.ga.gov/legislation/70300