Bill > HB1156

This bill authorizes local governments in Georgia to establish homeowner's incentive adjustment grant programs, which would allow them to provide tax credits to qualified homeowners. These programs would require voter approval through a referendum, and could only be discontinued with another voter referendum. Local governments would need to establish a dedicated "local homeowner's incentive adjustment grant fund" to hold money that could be used for these credits, and funds could only be appropriated for this purpose if the government had excess revenue in the previous fiscal year and projected sufficient revenue for the next. The bill defines key terms like "applicable rollback" (reductions in property tax rates), "county millage rate" and "municipal millage rate" (the net property tax rates after rollbacks), and "qualified homestead" (a home eligible for property tax exemptions). The tax credits would be calculated based on a portion of the home's assessed value and applied dollar-for-dollar to reduce property tax liability, but would not exceed the homeowner's tax bill after other exemptions and rollbacks. The State Revenue Commissioner will create rules for administering these programs, and any incorrectly granted credits can be recovered. This Act is contingent on a constitutional amendment removing a $18,000 assessed value cap for homeowner incentives and will automatically be repealed if that amendment is not ratified.

Budget and Finance

https://www.legis.ga.gov/legislation/72725