GA HR1244

Proposes a Georgia constitutional amendment to impose 100% ad valorem tax assessment on business enterprises (including private equity firms) that own 1,000 or more single-family rental properties in the state

Creates a new property subclassification called "business enterprise property" for properties owned by large-scale rental investors, assessed at full fair market value rather than the standard 40% assessment ratio

Requires all tax proceeds collected from these business enterprise properties to first reduce ad valorem property taxes on homesteads in the same taxing jurisdiction before being used for any other purpose

Assigns the Department of Revenue responsibility for appraising business enterprise property and authorizes a separate appeals process for these property valuations

Requires voter ratification through a ballot question asking whether large institutional landlords should face higher property tax assessments to reduce residential property taxes for Georgia homeowners