Bill > HB1338

This bill proposes to amend an existing law that provides a homestead exemption from certain City of Savannah ad valorem taxes for municipal purposes, which is a tax on property. The core change is to prevent the "adjusted base year assessed value" of a homestead from increasing beyond the value set in tax year 2025. The "adjusted base year assessed value" is essentially the original assessed value of a home, adjusted annually by inflation (measured by the Consumer Price Index) up to tax year 2025, but it cannot exceed the actual assessed value of the home in any given year. After tax year 2025, this adjusted value will be capped at the 2025 level, meaning future increases in property value will not further increase the base for calculating the homestead exemption. The bill also outlines the constitutional requirements for its passage, including a two-thirds majority vote in both legislative chambers, and mandates a referendum election in the City of Savannah in November 2026 for voters to approve or reject the changes; if approved, the changes would take effect on January 1, 2027, and if not, the bill would be repealed.

Government Affairs

https://www.legis.ga.gov/legislation/73275