Georgia House Bill HB767

Georgia 2023-2024 Regular Session

• Introduced: 3/20/23
• Report Pass: 3/23/23
• Engrossed: 3/23/23
• Report Pass: 3/27/23
• Refer: 3/23/23
• Enrolled: 4/6/23
• Chaptered: 4/27/23
• Passed: 4/27/23

Caption

Oconee County; ad valorem tax; educational purposes; provide homestead exemption

Impact

The passage of HB 767 is expected to positively impact the financial well-being of senior residents in Oconee County by relieving some of the financial pressure caused by increasing property taxes. By targeting the exemption toward individuals who may have fixed or limited incomes, the legislation aims to support older adults in retaining homeownership and stability within their community. This could lead to a more favorable housing environment for seniors, possibly reducing instances of housing insecurity among older populations in the county.

Summary

House Bill 767 provides a homestead exemption specifically for residents 65 years of age or older in the Oconee County school district. The exemption is designed to reduce the financial burden of ad valorem taxes for educational purposes by granting an exemption equal to the amount by which the current year assessed value exceeds the base year assessed value. This effectively helps senior citizens maintain their homes without being unduly affected by rising property taxes. The bill specifies the definitions, terms, and procedures related to the exemption, ensuring compliance with state constitutional requirements.

Sentiment

The sentiment surrounding the bill appears to be largely supportive, particularly among those advocating for senior citizens' welfare and financial stability. Legislators noted the importance of facilitating homeownership for elderly residents who are often on limited budgets. However, there may be concerns around the implications for funding educational purposes, as exemptions could lead to a potential reduction in revenue for the Oconee County school district. Nevertheless, the consensus leans towards the bill being a necessary measure to help a vulnerable population.

Contention

While the bill has garnered support for its intentions, there are underlying contentions regarding its potential fiscal impact on public education funding in Oconee County. Critics may raise concerns about balancing the need for tax relief for seniors with the need for adequate funding to support educational initiatives within the school district. The requirement of a referendum for voters to approve the exemption is intended to maintain transparency and community involvement, but it also introduces an element of uncertainty regarding voter sentiment that could delay implementation.