Bill > SB614

This bill proposes a homestead exemption from ad valorem taxes for municipal purposes, meaning property taxes levied by the City of Hampton for its own operations and debt, for residents who have lived in their homes for at least five years. A "homestead" refers to a primary residence as defined by Georgia law. This exemption would cover the entire assessed value of the qualifying homestead, though any value exceeding the exemption would still be taxed. To receive this exemption, residents must apply and demonstrate they have occupied their home as their primary residence for at least five years; once approved, the exemption automatically renews annually as long as the residency requirement is met, but residents must notify the city if they become ineligible. This exemption would not affect state, county, or school district property taxes and would be in addition to any other existing homestead exemptions for city taxes. The exemption would take effect for tax years beginning on or after January 1, 2027, but only if approved by a two-thirds vote in both the Georgia Senate and House of Representatives and subsequently by a majority of City of Hampton voters in a referendum election scheduled for November 2027. If the referendum fails, the bill will be automatically repealed.

Government Affairs

https://www.legis.ga.gov/legislation/73790