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GA HB1148
Bill
Status
Introduced
2/6/2024
Primary Sponsor
Martin Momtahan
Click for details
AI Summary
- Creates a homestead exemption from Paulding County school district ad valorem taxes for educational purposes equal to the amount by which a home's current assessed value exceeds its adjusted base year assessed value, effectively freezing school tax assessments at a base year level
- Sets the initial base year as the lowest assessed value between the 2020 and 2021 taxable years for exemptions first granted in the 2025 taxable year; for all other cases, the base year is the taxable year immediately preceding the first grant of exemption to the most recent owner
- Requires the tax commissioner to adjust the base year assessed value annually by no more than 50 percent of the annual inflationary index rate, using the Consumer Price Index or a similar federal index reflecting cost-of-living changes for Paulding County residents
- Defines "homestead" as the primary residence and no more than five contiguous acres of surrounding land; the exemption does not apply to taxes for bonded indebtedness, state taxes, county taxes, independent school district taxes, or municipal taxes
- Requires approval by a two-thirds majority in both legislative chambers and by a majority of Paulding County school district voters in a referendum on the Tuesday after the first Monday in November 2024, with an effective date of January 1, 2025, if approved
Legislative Description
Paulding County; ad valorem tax; educational 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