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.
No, I do get it. I rent in an expensive market — my location isn’t even hidden. I just choose to familiarize myself with the financial issues of owning right now.
My area had the hype of Amazon HQ2 pushing up values for no good reason.
There’s a number of reasons to be against this that hold a lot more weight. I’m skeptical that this is going to be wise with the future of the state’s budget and it’ll be a political nightmare to remove. But hey, pros and cons.