Bill > SB407

This bill establishes a homestead exemption for residents of the Cherokee County school district from certain ad valorem taxes, which are property taxes, specifically those levied for educational purposes, but it excludes taxes used to pay off school bonds. This exemption, available through the tax year ending December 31, 2031, will reduce a homeowner's school property taxes by the amount that the current assessed value of their home exceeds its adjusted base year assessed value. The "base year" is the year before the exemption was first granted to the current owner, and the assessed value can be adjusted annually by no more than 4 percent. A "homestead" is defined as a primary residence and up to five contiguous acres of land. The exemption applies to improvements or additional land added after the base year, with a new base year established for those additions. Surviving spouses can continue to receive the exemption if they occupy the home. To receive this exemption, homeowners must apply with the Cherokee County Tax Commissioner, and the exemption will automatically renew annually as long as they continue to occupy the home as their primary residence, though they must notify the tax commissioner if they become ineligible. This exemption is in addition to any other homestead exemptions and does not affect state, municipal, or county taxes for other purposes. The bill also requires a referendum in November 2026 for voters in the Cherokee County school district to approve or reject this exemption, and it will only become effective on January 1, 2027, if approved by a majority of voters.

Government Affairs

https://www.legis.ga.gov/legislation/72282