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GA HB1268
Bill
Status
Passed
5/6/2024
Primary Sponsor
Lee Hawkins
Click for details
AI Summary
- Creates a new homestead exemption from Hall County ad valorem taxes for county purposes equal to the amount by which the current year assessed value of a homestead exceeds its adjusted base year assessed value, effectively capping annual assessment increases at 3 percent
- For homesteads first receiving the exemption in the 2025 taxable year, the base year assessed value is set at the 2023 assessed value; for all others, it is the assessed value from the year immediately preceding the first year the exemption is granted
- The exemption does not transfer to subsequent property owners upon sale, except that a surviving spouse may continue to receive the exemption as long as they occupy the homestead
- Does not apply to state ad valorem taxes, school district taxes for educational purposes, municipal taxes, or county taxes levied to pay bonded indebtedness; replaces any existing base year value homestead exemption applicable to Hall County taxes for county purposes
- Requires approval by Hall County voters in a referendum on the Tuesday after the first Monday in November 2024, with an effective date of January 1, 2025, if approved by a majority; automatically repeals if not approved
Legislative Description
Hall County; ad valorem tax; county purposes; provide new homestead exemption
Last Action
Effective Date 2024-05-06
5/6/2024
Committee Referrals
State and Local Governmental Operations2/26/2024
Intragovernmental Coordination2/15/2024
Full Bill Text
No bill text available