Bill > HB744

This bill provides a special homestead tax exemption for residents of Walnut Grove, Georgia, designed to limit property tax increases for homeowners. The exemption allows homeowners to reduce their municipal property taxes by the difference between their current year's home assessed value and their "adjusted base year assessed value," which is calculated using a formula that accounts for inflation and substantial property changes. To qualify, homeowners must file an initial application, after which the exemption will be automatically renewed each year as long as they continue to occupy the home. The exemption applies only to municipal taxes and does not affect state, county, or school district taxes. The bill requires a referendum in November 2025, where Walnut Grove voters will decide whether to approve the tax exemption. If more than half of voters approve the measure, the exemption will take effect on January 1, 2026. Importantly, the exemption does not transfer to subsequent property owners and will only apply to the original homeowner or their surviving spouse. The bill also includes provisions ensuring that if the election is not properly conducted, the act will be automatically repealed.

Government Affairs

https://www.legis.ga.gov/legislation/71269