GA HB1503

Provides City of Covington residents a homestead exemption equal to 100% of their home's assessed value from city ad valorem taxes for municipal purposes, including taxes for municipal bond debt

Requires residents to file an application with the city to receive the exemption, which then automatically renews annually as long as the property remains their homestead

Does not affect state, county, or school district ad valorem taxes, and is in addition to any other applicable city homestead exemptions

Requires a two-thirds majority vote in both chambers of the Georgia General Assembly and approval by City of Covington voters in a referendum on November 3, 2026

Takes effect January 1, 2027 if approved by voters; automatically repealed if the referendum fails or is not conducted