With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief.
Georgia’s Senate Finance Committee plans a hearing on Monday on a bill limiting increases in a home’s value, as assessed for property tax purposes, to 3% per year. The limit would last as long as the owner maintained a homestead exemption. Voters would have to approve the plan in a November referendum.
Meanwhile, Republican House Speaker Jon Burns of Newington proposes doubling the state’s homestead tax exemption, a measure likely to cut tax bills by nearly $100 million statewide.
I bought my house back in 2021, and despite no renovations for myself or my neighborhood the property tax I’ve paid had gone up by just under 25% each year these last two years. I haven’t checked the change in assessed value but I think this bill would make it sting less lol