GA HB1185

Creates a statewide homestead exemption from ad valorem taxes equal to the amount by which a homestead's current year assessed value exceeds its adjusted base year value, effectively capping annual assessment increases at 3 percent (excluding improvements and additions); the exemption applies to all ad valorem taxes except those levied to pay bonded indebtedness, beginning January 1, 2025.

Requires a statewide referendum no later than November 2024 for voter approval of the homestead exemption provision; if not approved by a majority, the exemption is automatically repealed.

Replaces the "rollback" millage rate with the "previous year's millage rate" as the benchmark for determining whether a local government must advertise and hold public hearings on a proposed property tax increase, and updates the required notice language accordingly.

Limits the two-year assessed value freeze following a property tax appeal to cases where the value was actually reduced (not merely unchanged), and removes the temporary tax reduction benefit for taxpayers who appeal to superior court but fail to attend or participate in good faith at the required settlement conference.

Revises annual property assessment notices to include a list of all applicable ad valorem tax exemptions, prior and current year assessed values after exemptions, and removes the requirement for an estimated current year tax bill on the notice.