HR1472: HR1472 General Assembly; assessment and taxation of affordable housing use property; provide - CA

Under Georgia's constitution, property is generally assessed and taxed at fair market value. This resolution proposes a constitutional amendment that would let the General Assembly pass a general law creating a special way to assess and tax 'affordable home use property,' defined as single-family homes on five acres or less sold to a single low-income family for their own residence. To get this special tax treatment, a property owner would have to sign a covenant (a legal promise) agreeing to control the home's resale price so it stays affordable for lower income households. If that promise is broken within ten years, the owner would have to pay back the tax savings and could face other penalties. Because this is a constitutional amendment, it must go to Georgia voters, who would see the question on their ballot as a straight yes or no vote.

• Proposes adding a new paragraph to Article VII, Section I, Paragraph III of the Georgia Constitution covering affordable housing property taxes.
• Authorizes the General Assembly to pass a general law defining and setting assessment and tax methods for 'affordable home use property,' limited to single-family homes on five acres or less sold to a low-income family.
• Requires property owners who want this tax treatment to sign a covenant controlling the home's resale price to keep it affordable for lower income households.
• Requires repayment (recapture) of the tax savings, plus possible extra penalties, if the affordability covenant is broken within ten years.
• Sends the proposed amendment to Georgia voters for ratification or rejection, with specified ballot wording.

Low-income families who buy homes under this program, property owners who agree to affordability covenants, county tax assessors and boards of equalization who would administer the new assessment method, and Georgia voters who would decide the constitutional amendment.

If voters approve this amendment, the General Assembly could create tax breaks that lower the cost of owning specific affordable homes, potentially making homeownership more reachable for low-income families, while tying that benefit to a ten-year resale price restriction backed by financial penalties for breaking it.

• Section 1 amends Article VII, Section I, Paragraph III of the Georgia Constitution to add rules for 'affordable home use property.'
• Defines affordable home use property as single-family residential property of five acres or less sold to a single low-income family owner.
• Requires the General Assembly to pass a general law setting the actual definitions and assessment and taxation methods.
• Requires a covenant controlling the home's purchase or resale price to keep it affordable for lower income households as a condition of the tax benefit.
• Sets a ten-year recapture period: breaching the covenant within that time requires repaying the tax savings and allows for other penalties.
• Section 2 sends the amendment to voters with specific ballot language asking whether the Constitution should be amended to allow this tax treatment.

1. 2026-03-03House Second Readers (House)
2. 2026-02-26House First Readers (House)
3. 2026-02-25House Hopper (House)

• Marvin Lim (D, HD-098)Primary sponsor
• Karen Lupton (D, HD-083)
• David Wilkerson (D, HD-038)
• Kasey Carpenter (R, HD-004)

• affordable housing
• property taxes
• constitutional amendment
• low-income housing