Georgia House Bill HB1481

Georgia 2023-2024 Regular Session

• Introduced: 3/13/24
• Report Pass: 3/20/24
• Refer: 3/21/24
• Engrossed: 3/20/24

Caption

Atlanta, City of; ad valorem tax for educational purposes; provide homestead exemption

Impact

If enacted, HB 1481 would implement a systematic approach to reduce the property tax burden on qualifying homeowners by adjusting their assessed values based on the lesser of annual inflationary rates or a fixed percent increase. This could provide significant financial relief and incentivize home ownership in potentially economically disadvantaged areas. It also encourages property stabilization, helping residents avoid larger tax assessments which could contribute to economic displacement in these communities.

Summary

House Bill 1481 seeks to provide a homestead exemption specifically aimed at residents of certain designated zip codes within the City of Atlanta. This exemption would apply to ad valorem taxes levied for educational purposes by the City of Atlanta independent school district. The bill's intent is to alleviate the financial burden for those homeowners whose current assessed property values exceed a set base year value, established between 2022 and 2024. This initiative is particularly tailored for homeowners in areas identified as needing tax relief.

Contention

The proposed bill is likely to be met with contention from various stakeholders. Advocates for the bill argue that it serves a vital role in ensuring educational funding while simultaneously addressing the needs of economically vulnerable populations. However, critics might highlight concerns regarding the impact on overall tax revenues available for educational purposes, suggesting that while it provides local tax relief, it could have detrimental effects on school funding in the long term. Additionally, the necessity of a two-thirds majority vote for the bill to pass may indicate potential pushback from differing political views on property tax structures.