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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