BillTrack50 logo
Free Signup Login
Bill

Bill > HB1116

GA HB1116

GA HB1116
Homeownership Opportunity and Market Equalization Act of 2026; enact

summary

Introduced
01/29/2026
In Committee
03/27/2026
Crossed Over
03/06/2026
Passed
Dead

Introduced Session

Potential new amendment
2025-2026 Regular Session

Bill Summary

AN ACT To amend Titles 20, 21, 36, and 48 of the Official Code of Georgia Annotated, relating to education, elections, local government, and revenue and taxation, respectively, so as to provide for property tax reform; to establish a Local Homestead Option Sales Tax (LHOST); to provide for imposition, collection, and distribution of proceeds; to provide for definitions; to exclude amounts attributable to certain exemptions from ad valorem taxation from the equalized adjusted school property tax digest for the purpose of calculating the local five mill share and equalization grants; to increase the cap on reserve funds for local school systems; to require the proposed annual operating budget resolution of a local board of education to be approved in a referendum election if such resolution would increase certain revenues raised by the local board of education by a certain amount; to provide that certain proposed increases in revenue collections by local governments must be approved by the voters of such local government; to limit the dates of a special election presenting a question by a local government to increase revenues; to require the production of certain information upon request of a tax assessor for the assessment of income-producing property; to revise provisions relating to certification of assessed taxable value of property and method of computation, resolution or ordinance required for millage rate, and advertisement of intent to increase property tax; to require municipal and school officials to submit certain information relating to ad valorem taxes; to prohibit the retroactive assessment of additional ad valorem taxes to a taxpayer due to an improperly or mistakenly applied homestead exemption at no fault of the taxpayer; to make conforming changes; to provide for related matters; to provide for short titles; to provide an effective date; to repeal conflicting laws; and for other purposes.

AI Summary

This bill, titled the "Homeownership Opportunity and Market Equalization Act of 2026," introduces significant property tax reforms by establishing a new "Local Homestead Option Sales Tax" (LHOST) to fund homestead exemptions, which are tax breaks for primary residences. This LHOST will be a special sales tax levied by eligible local governments, such as counties or municipalities, that currently offer homestead exemptions. The bill also adjusts how school property tax digests are calculated by excluding certain exemptions, increases the cap on reserve funds for local school systems, and requires voter approval through referendums for proposed increases in local government or school board revenue beyond a certain threshold, generally 3% or the rate of inflation, unless specific exceptions apply. Additionally, it mandates that local governments can only hold special elections for revenue-increasing questions on specific dates, requires tax assessors to be provided with income and expense data for income-producing properties, and prohibits retroactive collection of additional property taxes from taxpayers who mistakenly received a homestead exemption without fault. The bill also revises procedures for setting property tax rates, including advertising and notification requirements, and clarifies that improperly applied homestead exemptions that are not the taxpayer's fault cannot be retroactively assessed for additional taxes.

Committee Categories

Budget and Finance

Sponsors (7)

Last Action

House Agreed Senate Amend or Sub As Amended (on 04/02/2026)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...