GA HB744

City of Walnut Grove residents would receive a homestead exemption from municipal ad valorem taxes equal to the amount by which their current year assessed value exceeds their adjusted base year assessed value, effectively freezing their taxable value with limited annual increases

Annual increases to the adjusted base year value are capped at the inflation rate plus 25 basis points, with the Commissioner of Revenue determining the inflation rate using the Consumer Price Index or similar federal index

Homeowners who received a homestead exemption for 2025 will automatically qualify for the new exemption in 2026 without additional application; surviving spouses may continue receiving the exemption

The exemption applies only to city municipal taxes and does not affect state, county, or school district ad valorem taxes; it also excludes taxes levied for bonded indebtedness

Requires voter approval in a referendum on the Tuesday following the first Monday in November 2025, with the exemption taking effect January 1, 2026 if approved by majority vote