GA HB1338

Amends the City of Savannah's existing homestead exemption to freeze the adjusted base year assessed value at tax year 2025 levels, preventing future increases above that value for property tax purposes.

The adjusted base year assessed value would continue to be calculated using Consumer Price Index increases only through tax year 2025, with no further inflation adjustments after that point.

Requires approval by two-thirds majority vote in both the Georgia Senate and House of Representatives to comply with constitutional requirements for local tax exemptions.

Mandates a referendum on the Tuesday following the first Monday in November 2026, where City of Savannah voters will approve or reject the exemption change.

If voters approve the measure, the exemption takes effect January 1, 2027; if rejected or if the election is not held, the Act automatically repeals 365 days after the scheduled election date.