GA HB743

Creates a homestead exemption from City of Social Circle municipal ad valorem taxes equal to the difference between the current year assessed value and an adjusted base year assessed value, effectively freezing taxable values for homeowners

Limits annual increases in the adjusted base year value to the inflation rate plus 25 basis points, with adjustments only for substantial property changes such as additions or improvements

Exemption does not apply to taxes for bonded indebtedness, state taxes, county taxes, or school district taxes, and does not transfer to subsequent property owners

Homeowners with existing homestead exemptions for 2025 will automatically receive the new exemption in 2026 without additional application; surviving spouses may continue receiving the exemption

Requires approval by two-thirds majority in both legislative chambers and voter approval in a November 2025 referendum; if approved, takes effect January 1, 2026