GA HB1457

Creates preferential property tax assessment for "affordable home use property" defined as single-family residential property up to 5 acres intended for sale to low-income families

Requires property owners to enter into a 10-year covenant with the taxing authority to maintain the property in qualifying use, with option to renew for additional 10-year periods

Breach of covenant triggers a penalty of twice the difference between taxes paid under preferential assessment and taxes that would have been due at regular rates for each year of the covenant period

Department of Community Affairs must maintain a central registry of properties to enforce a 2,000-acre statewide limitation and provide uniform application forms

Effective January 1, 2027, contingent on voter ratification of a constitutional amendment at the November 2026 general election; automatically repealed if amendment is not ratified