GA HR1

Proposes a constitutional amendment known as "The Ad Valorem Tax Assessment Limit Amendment" that caps annual increases in assessed value of real property at the lesser of 3% or the rate of economic inflation, with a maximum aggregate increase of 9% over any three-year period of successive ownership

Upon sale or transfer of real property, the property resets to fair market value for assessment purposes; substantial additions or improvements are also assessed at fair market value and added to the owner's existing valuation

Implementation requires approval by majority vote in a county-level referendum, with an initial election scheduled for the Tuesday after the first Monday in November 2012; counties may also hold earlier special elections authorized by local law

Counties with existing local constitutional amendments that freeze homestead property taxes or impose millage rate limitations must first repeal those amendments before conducting a referendum under this new provision

Ratifies all base year assessed value homestead exemptions enacted by local or general law prior to January 1, 2011, and authorizes the General Assembly to enact new ones going forward