Bill > SB355

This bill provides a new homestead tax exemption for residents of the Paulding County school district, specifically allowing homeowners to receive an exemption from school district ad valorem (property) taxes equal to the difference between the current year's property assessment and the property's adjusted base year assessment. The exemption would first apply to tax year 2027 and requires homeowners to file an initial application with the Paulding County tax commissioner, though those who already have a homestead exemption in 2026 will be automatically enrolled. The bill defines several technical terms like "base year assessed value" and "inflation rate" and specifies that the exemption will not transfer to subsequent property owners. The exemption must be approved by a two-thirds majority vote in the Georgia legislature and by voters in a referendum during the 2026 general primary election. If approved by voters, the exemption will become effective on January 1, 2027, and will be automatically renewed each year as long as the homeowner continues to occupy the property. The bill also ensures that this new exemption cannot be combined with certain other existing homestead exemptions, and the tax commissioner will apply whichever exemption is more beneficial to the taxpayer.

Government Affairs

https://www.legis.ga.gov/legislation/71600