GA HB1581

Creates a homestead exemption from City of Fayetteville ad valorem taxes for municipal purposes, with the exemption amount calculated based on property tax collections that exceed 100% of the taxes collected in the base year of 2025

Tax revenues exceeding the 2025 baseline must be segregated and used to fund equal exemptions distributed to all qualifying homesteads in the following tax year; the city governing authority has discretion to set the exemption value up to the total segregated funds

Exemption equals zero dollars in years when total tax collections do not exceed the 2025 base year amount; unused segregated funds go to the city's general fund

Requires a local referendum on the Tuesday following the first Monday in November 2026, with majority approval needed for the exemption to take effect January 1, 2027

Applies only to City of Fayetteville municipal taxes and does not affect state, county, or school district ad valorem taxes; requires two-thirds majority vote in both legislative chambers per Georgia Constitution