Proposed Bill in Georgia Aims to Limit Residential Property Tax Increases and Establish Homestead Exemptions

Georgia homeowners have been experiencing higher property taxes, and state lawmakers are under pressure to provide relief. To address these concerns, legislators have proposed SB 349, a bill that aims to limit increases in assessed property values for tax purposes.

The bill primarily focuses on establishing a statewide system of homestead exemptions, capping annual increases in assessed value at 3% as long as homeowners maintain a homestead exemption. In addition to the main provision, SB 349 also seeks to remove the requirement for tax estimates on annual assessment notices.

It further proposes to eliminate the public forum/notification process for tax rate increases if the proposed millage rates remain unchanged from the previous year. Moreover, the bill attempts to restrict the value freeze statute, known as 299c, to apply only to decisions made by the Board of Equalization if a reduction is granted. If there is no change in value granted, the property may be subject to reassessment in the following year.

To tackle the property tax issue, Republican House Speaker Jon Burns has suggested doubling the state’s homestead tax exemption. If the bill passes, this measure could potentially reduce tax bills by nearly $100 million throughout Georgia.

These proposed measures aim to provide relief to property owners grappling with rising property taxes in Georgia. As property taxes emerge as a significant issue in multiple states this year, lawmakers across the country will be seeking ways to alleviate the burden on homeowners and garner support from their constituents. The local experts at Ryan will continue to monitor the progress of this bill and potential impact it could have on property owners across the state. We encourage you to reach out to our team with questions.

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The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.