HB260: HB260 Ad valorem tax; increase amount of a state-wide homestead exemption from certain ad valorem taxes

25 LC 50 1052 House Bill 260 By: Representatives Reeves of the 99th, Blackmon of the 146th, Camp of the 135th, Donatucci of the 105th, Silcox of the 53rd, and others A BILL TO BE ENTITLED AN ACT To amend Part 1 of Article 2 of Chapter 5 of Title 48 of the Of ficial Code of Georgia1 Annotated, relating to property tax exemptions, so as to increase the amount of a state-wide2 homestead exemption from certain a d valorem taxes; to provide f or related matters; to3 provide for compliance with constitutional requirements; to pro vide for a referendum,4 effective dates, and automatic repeal; to repeal conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Part 1 of Article 2 of Chapter 5 of Title 48 of the Official Co de of Georgia Annotated,8 relating to property tax exemptions, is amended by revising Code Section 48-5-44, relating9 to exemption of homestead occupied by owner and effect of parti cipation in rural housing10 program on homestead exemption, and limits, as follows:11 "48-5-44.12 The homestead of each resident of this state actually occupied by the owner as a residence13 and homestead shall be exempted from all ad valorem taxation for state, county, and school14 purposes, except taxes levied by municipalities for school purp oses and except to pay15 interest on and to retire bonded indebtedness, for as long as the residence and homestead16 H. B. 260 - 1 - 25 LC 50 1052 is actually occupied by the owner primarily as a residence and homestead. The exemption17 shall not exceed $2,000.00 $5,000.00 of the value of the homestead. Should the owner of18 a dwelling house on a farm who is already entitled to a homestead exemption participate19 in the program of rural housing and obtain a new house under co ntract with the local20 housing authority, he or she shall be entitled to receive the same homestead exemption as21 allowed before making the contract. Except as otherwise specifically provided by law, the22 value of all homestead property in excess of $2,000.00 $5,000.00 shall remain subject to23 taxation. The exemption shall be returned and claimed in the ma nner prescribed by law.24 This exemption shall not apply to taxes levied by municipalities."25 SECTION 2.26 In accordance with the requirements of Article VII, Section II of the Constitution of the State27 of Georgia, this Act shall not become law unless it receives the requisite two-thirds' majority28 vote in both the Senate and the House of Representatives.29 SECTION 3.30 The Secretary of State shall call and conduct an election as provided in this section for the31 purpose of submitting this Act to the electors of the entire state for approval or rejection. The32 Secretary of State shall conduct such election no later than the Tuesday next following the33 first Monday in November, 2026, and shall issue the call and co nduct such election as34 provided by general law. The Secretary of State shall cause th e date and purpose of the35 election to be published once a week for two weeks immediately preceding the date thereof36 in the official organ of each county in the state. The ballot shall have written or printed37 thereon the words:38 H. B. 260 - 2 - 25 LC 50 1052 "( ) YES39 ( ) NO40 41 42 43 Shall the Act be approved which increases from $2,000.00 of the value of the homestead to $5,000.00 of the value of the homestead a stat e-wide homestead exemption from property taxes for state, county, and school purposes, other than for municipal school purposes or to pay interest on and retire bonded indebtedness?" All persons desiring to vote for approval of the Act shall vote "Yes," and all persons desiring44 to vote for rejection of the Act shall vote "No." If more than one-half of the votes cast on45 such question are for approval of the Act, Section 1 of this Act shall become of full force and46 effect on January 1, 2027. If the Act is not so approved or if the election is not conducted47 as provided in this section, Section 1 of this Act shall not become effective and this Act shall48 be automatically repealed on the first day of January immediate ly following such election49 date. It shall be the duty of each county election superintendent to certify the results thereof50 to the Secretary of State.51 SECTION 4.52 Except as otherwise provided in Section 3 of this Act, this Act shall become effective upon53 its approval by the Governor or upon its becoming law without such approval.54 SECTION 5.55 All laws and parts of laws in conflict with this Act are repealed.56 H. B. 260 - 3 -