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GA HB1166
Bill
Status
Passed
6/30/2020
Primary Sponsor
Josh Bonner
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AI Summary
- Creates a new homestead exemption from Fayette County school district ad valorem taxes for educational purposes equal to the difference between the current year assessed value and the adjusted base year assessed value of the homestead
- Caps annual increases in the base year assessed value at the lesser of 3% or the Consumer Price Index inflation rate, plus any value changes from additions, improvements, or removals to the property
- For existing homeowners first granted the exemption in 2021, the lowest base year value is determined from the lowest assessed value among the 2017, 2018, and 2019 taxable years, multiplied by 1.0423 to account for inflation from December 2015 through December 2017
- Exemption does not apply to state ad valorem taxes, municipal or independent school district taxes, county taxes for county purposes, or ad valorem taxes for retiring educational bonded indebtedness; it is in addition to any other applicable homestead exemptions
- Requires approval by referendum on November 3, 2020, with the exemption taking effect January 1, 2021, if approved by a majority of voters; the Act automatically repeals if not approved
Legislative Description
Fayette County; school district ad valorem tax; provide new homestead exemption
Last Action
Effective Date
6/30/2020
Full Bill Text
No bill text available