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GA HB1270
Bill
Status
Passed
5/6/2024
Primary Sponsor
Lee Hawkins
Click for details
AI Summary
- Creates a homestead exemption from Hall County School District ad valorem taxes for educational purposes equal to the amount by which a homestead's current assessed value exceeds its adjusted base year assessed value, effectively capping annual assessment increases at 3% for tax purposes
- For homesteads first receiving the exemption in taxable year 2025, 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 of the exemption
- 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 residence as a homestead
- The exemption does not apply to state, county, independent school district, or municipal ad valorem taxes, and replaces any other existing base year value homestead exemption applicable to Hall County School District educational taxes
- Requires approval by Hall County voters in a referendum on the Tuesday after the first Monday in November 2024; if approved by more than half of voters, the exemption takes effect January 1, 2025, with election costs borne by the Hall County School District
Legislative Description
Hall County; ad valorem taxes; educational 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