GA HB1583

Creates a new homestead exemption for all Fayette County residents from county ad valorem taxes, with the exemption amount based on property tax collections exceeding tax year 2025 levels

When county property tax collections exceed 100% of the 2025 base year amount, the excess funds are segregated and distributed equally as exemptions to all qualifying homesteads the following year

Exemption value is set at the discretion of the Fayette County governing authority, cannot exceed segregated funds, and equals zero dollars if collections do not exceed the base year amount

Requires voter approval via referendum on the Tuesday following the first Monday in November 2026, with the exemption taking effect January 1, 2027 if approved by majority vote

Requires two-thirds majority vote in both the Georgia Senate and House of Representatives before becoming law