GA SB355

Creates a homestead exemption from Paulding County school district ad valorem taxes equal to the difference between the current year assessed value and an adjusted base year assessed value, effectively freezing school tax assessments for homeowners

Sets the base year assessed value as 2024 for homesteads first receiving the exemption in 2027; annual adjustments to the base value are capped at the inflation rate as determined using the Consumer Price Index

Automatically applies to homeowners who had a homestead exemption in 2026 without requiring a new application; unremarried surviving spouses may continue receiving the exemption

Excludes ad valorem taxes levied for bonded indebtedness and does not apply to state, county, independent school district, or municipal taxes

Requires voter approval at the 2026 general primary election and a two-thirds majority vote in both legislative chambers; if approved, takes effect January 1, 2027