GA HB746

City of Monroe residents would receive a homestead exemption from municipal ad valorem taxes equal to the amount their home's current assessed value exceeds an adjusted base year value, effectively freezing property taxes at a base level with limited annual increases tied to inflation plus 25 basis points

For homeowners first receiving the exemption in 2026, the base year assessed value is set at the 2024 tax year valuation; the exemption does not transfer to subsequent property owners

Homeowners who already had a homestead exemption for 2025 will automatically receive the new exemption in 2026 without filing a new application; surviving spouses may continue receiving the exemption

The exemption applies only to City of Monroe municipal taxes and does not affect state, county, or school district ad valorem taxes; it cannot be combined with other base-year-value exemptions from the city

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