GA SB407

Creates a homestead exemption from Cherokee County school district ad valorem taxes for educational purposes, exempting the amount by which a home's current assessed value exceeds its adjusted base year value

Caps annual increases to the base year assessed value at no more than 4 percent, effectively limiting school tax increases on existing homeowners

Applies only to primary residences with no more than five contiguous acres, and surviving spouses may continue receiving the exemption

Exemption runs from January 1, 2027 through December 31, 2031, and does not affect taxes for bonded indebtedness, state taxes, municipal taxes, or county taxes for non-educational purposes

Requires voter approval through a referendum on the Tuesday following the first Monday in November 2026; automatically repeals if not approved by voters