Bill > HB1581

This bill, if approved by voters, would grant a homestead exemption from City of Fayetteville ad valorem taxes for municipal purposes, meaning taxes levied by the city for its operations and to pay off its debts. This exemption would begin on January 1, 2027, and its value would be a "floating proportional amount," meaning it would vary each year based on how much the city's property tax collections exceed those from the 2025 tax year (referred to as the "base year"). Specifically, if the city collects more property taxes than in 2025, the excess amount collected would be set aside to fund the exemption in the following year, with the city council determining the exact dollar amount of the exemption each year, which cannot exceed the available segregated funds. If property tax collections do not exceed the 2025 amount, the exemption would be zero for the next year. To receive this exemption, residents must apply, and it will automatically renew as long as they continue to occupy the property as their homestead, though they must notify the city if they become ineligible. This exemption is in addition to any other homestead exemptions and does not affect state or county taxes. The bill also requires a referendum, or public vote, on November 5, 2026, for Fayetteville residents to approve or reject this exemption.

Government Affairs

https://www.legis.ga.gov/legislation/74264