Bill > HB439

This bill establishes a framework for local governments in Georgia to create "local homeowner's incentive adjustment grant programs" to reduce property tax burdens on qualified homeowners. These programs, which require voter approval through a referendum, would allow counties and municipalities to establish dedicated funds, called "local homeowner's incentive adjustment grant funds," to provide tax credits to eligible homeowners. The bill defines key terms like "applicable rollback" (reductions in property tax rates due to various factors), "county millage rate" and "municipal millage rate" (the net property tax rates after rollbacks), and "qualified homestead" (a home that qualifies for certain tax exemptions). To implement these programs, local governments must appropriate funds from their general revenues if they collected more than budgeted in the previous year and project sufficient revenue for the upcoming year. The tax credits would be calculated based on a portion of the assessed value of a qualified homestead and applied directly to reduce the homeowner's property tax liability, but not to exceed the actual tax owed after other exemptions and rollbacks. The bill also outlines procedures for discontinuing these programs via referendum and specifies that the State Revenue Commissioner will provide guidance for their administration, with the act taking effect on January 1, 2027.