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GA HB1147
Bill
Status
Introduced
2/6/2024
Primary Sponsor
Martin Momtahan
Click for details
AI Summary
- Creates a new homestead exemption from Paulding County ad valorem taxes for county purposes equal to the amount by which the current year assessed value exceeds the adjusted base year assessed value, effectively freezing tax assessments at a base level
- Sets the initial base year as the lowest assessed value between the 2020 and 2021 taxable years for exemptions first granted in 2025; for subsequent new owners, the base year is the taxable year immediately preceding the grant of the exemption
- Requires the tax commissioner to adjust the base year assessed value annually by no greater than 50 percent of an annual inflationary index rate, which may be based on the Consumer Price Index or a similar federal index
- Limits the homestead definition to the primary residence and no more than five contiguous acres; the exemption does not apply to state, school district, or municipal ad valorem taxes and is in addition to any other existing county homestead exemptions
- Requires approval by a two-thirds majority in both legislative chambers and a voter referendum on the Tuesday after the first Monday in November 2024, with an effective date of January 1, 2025, if approved by a majority of voters
Legislative Description
Paulding County; ad valorem tax; county purposes; provide new homestead exemption
Last Action
House Second Readers
2/8/2024
Committee Referrals
Intragovernmental Coordination2/7/2024
Full Bill Text
No bill text available