Bill > HB746

This bill provides a specific homestead tax exemption for residents of the City of Monroe, Georgia, designed to limit property tax increases. The exemption allows homeowners to be taxed only on the difference between their current home's assessed value and a calculated "adjusted base year assessed value," which accounts for inflation and substantial property changes. Homeowners must apply initially, but once approved, the exemption will automatically renew each year as long as they continue to occupy the property. The exemption applies only to municipal ad valorem (property) taxes and does not affect state, county, or school district taxes. Importantly, the bill requires a referendum in November 2025, where voters in Monroe will directly decide whether to approve this tax exemption. If more than half of voters approve the measure, it will take effect on January 1, 2026. The bill also includes provisions for calculating the inflation rate and defines specific terms like "homestead" and "substantial property change." The exemption can transfer to a surviving spouse and requires legislative approval with a two-thirds majority vote in both the Georgia Senate and House of Representatives.

Government Affairs

https://www.legis.ga.gov/legislation/71271