Bill > HB743

This bill provides a new homestead tax exemption for residents of the City of Social Circle, Georgia, which will allow homeowners to reduce their municipal property taxes based on a calculated difference between their current home value and a base year assessed value. The exemption, which would start in the 2026 tax year, allows homeowners to subtract the "adjusted base year assessed value" from their current year's home assessment, effectively freezing property tax liability at a baseline amount with modest annual adjustments for inflation (plus 25 basis points). To qualify, homeowners must apply initially, but once approved, the exemption will automatically renew each year as long as they continue to occupy the home. The exemption only applies to municipal taxes and not to state, county, or school district taxes, and it cannot be combined with certain other existing homestead exemptions. Before the exemption can take effect, it must be approved by a two-thirds majority vote in the state legislature and then approved by voters in a special election to be held in November 2025. If approved by voters, the exemption will become active on January 1, 2026, providing potential property tax relief for Social Circle homeowners by limiting the growth of their taxable home value.

Government Affairs

https://www.legis.ga.gov/legislation/71268