Bill > HR1114

This joint resolution proposes a constitutional amendment to provide property tax relief for homeowners by gradually reducing the assessed value of homestead properties for tax purposes, meaning homeowners will pay taxes on a smaller portion of their home's value over time, and it also introduces an additional homestead exemption for disabled veterans, which would exempt 100% of their home's assessed value. Furthermore, it removes a cap on benefits provided by the Homeowner's Incentive Adjustment clause, which is a program designed to offer tax relief, and allows the General Assembly (state legislature) to authorize local governments and school systems to create their own grant and adjustment programs for homeowners, potentially funded by dedicated tax revenues. The resolution also revises provisions for local sales and use taxes that schools can levy for capital projects, setting a cap on these taxes and allowing for the conversion of certain existing educational sales taxes into a new type of local sales tax called a "local homestead option sales tax," which can be enacted by counties, cities, or school systems to help offset revenue lost from reduced property taxes on homesteads. This new sales tax would have different rates for school systems and local governments and, in most cases, would not require voter approval to be implemented, though the General Assembly can allow for referendums for its renewal after a certain date. Finally, the resolution outlines the process for submitting this amendment to voters for ratification or rejection.

Budget and Finance

https://www.legis.ga.gov/legislation/72527