GA HB761

Adds a homestead exemption for City of Lilburn residents equal to the amount by which current year assessed value exceeds the prior year value by more than 8 percent, protecting against rapid property tax increases

Increases the homestead exemption for residents 65 years of age or older from $10,000 to $50,000 of assessed value for city ad valorem taxes

Limits exemptions to homesteads of one acre or less; land exceeding one acre is not eligible for the exemption

Requires voter approval through a referendum on the Tuesday following the first Monday in November 2025; if approved, exemptions take effect January 1, 2026

Amends the existing 1990 homestead exemption law that provides $5,000 exemptions for general residents and $10,000 exemptions for disabled residents