Bill > SB356

This bill provides a targeted property tax exemption for senior homeowners in the Polk County school district, offering graduated tax relief based on age. Specifically, homeowners aged 65-69 would receive an exemption of either 50% or $60,000 of their home's assessed value, those aged 70-76 would receive an exemption of either 75% or $80,000, and homeowners aged 77 and older would receive a full exemption up to $500,000 in appraised fair market value. To prevent excessive revenue loss, the bill includes an aggregate annual cap of $150 million in 2026, with proportional reductions if total exemptions exceed this amount. Homeowners must apply initially with the Polk County tax commissioner and will then receive automatic annual renewals, provided they continue to occupy the home as their primary residence. The bill requires approval through a referendum in November 2025, mandating a two-thirds majority vote in the Georgia legislature to become law. If approved by voters, the exemption would take effect on January 1, 2026, and applies only to Polk County school district educational taxes, not affecting other tax jurisdictions or existing homestead exemptions.

Government Affairs

https://www.legis.ga.gov/legislation/71605