GA HR1114

Proposes a constitutional amendment to gradually reduce the assessed value of homestead properties for property tax purposes from 40% to 10% of appraised value, decreasing by 3% annually beginning in tax year 2027

Creates an additional 100% homestead exemption for disabled veterans covering the full assessed value when they build new construction, inherit property, or purchase an existing home for use as a primary residence

Removes the existing $18,000 cap on benefits under the Homeowner's Incentive Adjustment program, allowing adjustments up to a taxpayer's full ad valorem property tax liability on their homestead

Authorizes new local homestead option sales taxes: up to 2% for local school systems and up to 1% for counties, consolidated governments, and municipalities to offset lost property tax revenue from homestead exemptions

Caps total sales, use, and excise taxes levied by local boards of education at 2% and requires the amendment to be submitted to Georgia voters for ratification