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GA HB1271
Bill
Status
Passed
5/6/2024
Primary Sponsor
Lee Hawkins
Click for details
AI Summary
- Creates a new homestead exemption from City of Gainesville independent school district ad valorem taxes for educational purposes, exempting the amount by which a home's current assessed value exceeds its adjusted base year assessed value
- Caps annual increases to the adjusted base year assessed value at 3 percent, effectively limiting how much a homeowner's taxable value for school purposes can rise each year, while allowing adjustments for substantial property changes such as additions or improvements
- For homeowners first receiving the exemption in taxable year 2025, the base year assessed value is set at the 2023 assessed value; the exemption does not transfer to subsequent owners but does continue for a surviving spouse occupying the homestead
- Exemption applies only to City of Gainesville independent school district educational taxes, not to state, county, county school, or municipal ad valorem taxes, and does not apply to taxes levied for bonded indebtedness
- Requires approval by majority vote in a referendum held on the Tuesday after the first Monday in November 2024, with the exemption taking effect January 1, 2025, if approved; the Act is automatically repealed if not approved by voters
Legislative Description
Gainesville, City of; 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