GA HB1156

Counties and municipalities may establish local homeowner's incentive adjustment grant programs to provide property tax credits to qualified homesteads, but only after voters approve the program in a referendum requiring more than 50% approval.

Participating local governments must appropriate funds to a dedicated grant fund, but only when the prior fiscal year's actual revenues exceeded budgeted appropriations and estimated revenues for the next year meet or exceed those collections.

Tax credits are calculated based on the eligible assessed value of qualified homesteads multiplied by applicable county or municipal millage rates, applied dollar-for-dollar against property tax liability and shown on tax bills.

Programs cannot be discontinued without another voter referendum; if discontinued or never established, any remaining grant fund balance transfers to the general fund.

The Act takes effect January 1, 2027, contingent on ratification of a constitutional amendment removing the $18,000 assessed value cap for homeowner's incentive adjustments; the Act automatically repeals if the amendment is not ratified.