Bill > SB566

This bill modifies Georgia's ad valorem property tax laws by updating the information required on tax bills and assessment notices to provide taxpayers with a clearer understanding of their tax obligations, including the total taxes levied, reductions from exemptions and credits, and the net amount due. It also revises the rules for homestead exemptions, which are tax breaks for primary residences, by adjusting how the "base year assessed value" (the property's value in a specific past year used for calculating future tax breaks) is determined, especially after property improvements or changes. The bill expands the timeframe for applying for homestead exemptions and introduces penalties, including a 50% tax reduction forfeiture and interest, for failing to report ineligibility for these exemptions. Additionally, it mandates annual submissions of homestead exemption information by local tax officials to a state-maintained database to improve accuracy and requires tax notices to include more detailed information about property values, exemptions, and the appeal process, while also repealing certain provisions related to estimated "roll-back rates" (a rate that would generate the same amount of tax revenue as the previous year).