House Bill 581, signed into law on April 18, 2024 (Act 379), introduces significant changes to property tax procedures, establishes a new floating homestead exemption, and revises local sales tax options. Contingent upon approval in the November statewide referendum (HR 1022), these changes aim to streamline tax assessments and provide relief to property owners. Read on for a brief overview of the key provisions and their potential impact.
Signed into Law: April 18, 2024 (Act 379)
Contingent on: November Statewide Referendum (HR 1022)
Key Provisions:
Property Tax Changes: Updates assessment notices to include the current "estimated roll-back rate" instead of last year's millage rates. Requires parcels to be appraised every three years and removes limits on fair market value based on the sale price from the previous year.
Floating Homestead Exemption: Caps annual assessment increases on homesteaded properties to the inflation rate, starting in 2025 if approved in the November referendum. Local governments can opt out by March 2025 after public hearings and advertisements.
Local Option Sales Tax Revisions: Maintains the local sales tax limit at 2%, with exceptions for specific categories like ESPLOST and transportation. Introduces a new local option sales tax (FLOST) up to 1% for property tax relief, renewable every five years with certain conditions.
Event Notice: Shane Hix, Hart County Chief Appraiser, will discuss HR 581's implications for 2025 taxes. More details are within the image above.
Stay tuned for updates and remember to vote in the November referendum to have your say on these important changes.
Comments