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As a result of the constitutional amendment in Georgia House Resolution 1022 passing by a majority vote, a new statewide homestead exemption created by Georgia House Bill 581 will be effective January 1, 2025.
THE FACTS
1. What will the new homstead exemption provide?
This new statewide homestead exemption limits the amount the assessed value of a home can increase to the inflation rate of the prior year.
2. What taxes would the proposed exemption apply to?
All county, city, and school taxes, except those used to repay bonds. (Unless an entity opts out; see numbers 12 and 13.)
3. How much is the exemption, or how much will I save?
The savings will vary among property owners based on the individual property value of their home and the year the homeowner applies for the exemptin. The base year will be the year prior to application. For the first year of the exemption in 2025, the base year will be 2024.
4. I already have a homestead exemption. Do I need to reapply?
No, the exemption will be applied automatically for those who already have a homestead exemption.
5. Will the new exemption replace my current homestead exemption?
No. This new proposed exemption is in addition to your regular homestead exemption. For example, an owner with an S1R - Regular Exemption will receive the benefits of the S1R as well as the benefits of this new statewide exemption.
6. I don't have a homstead exemption, when should I apply?
Like all homestead exemptions, the deadline to apply for the new exemption is April 1 of the current year to see the savings on that year's tax bill.
7. When will I see the savings?
You will see the savings on your 2025 property tax bill if you have an existing homestead exemption or are eligible and apply before the April 1, 2025, deadline.
8. Is the new exemption like Gwinnett County's Value Offset Exemption (VOE)?
There are similarities. This new statewide exemption and the VOE are both base year exemptions. When an owner qualifies for more than one base year exemption, they will receive the one with the most savings.
9. Can I get both this new statewide exemption and the Gwinnett County VOE?
No. When an owner qualifies for this new base year exemption and another base year exemption, such as Gwinnett County's VOE, they will receive the one with the most savings.
10. Why are there two base year exemptions if I can only qualify for one?
Note, Gwinnett County already had the VOE, a base year exemption. The new exemption is a statewide exemption that provides a base year exemption to many counties who did not have the benefit of a base year exemption.
11. Can I get this exemption on more than one property?
No. The criteria for a homestead exemption requires an owner occupy a home as their primary residence.
12. Can any county, consolidated government, municipality, or local school system choose to opt out of the exemption?
Yes. Each county, county school system, and city can independently decide to "opt out" of this new statewide homestead exemption by March 1, 2025, but if they do, by law they must hold three public hearings.
13. What is the process for a county, school district, or city to opt-out?
The entity that chooses to opt out must hold three public hearings. The board of commissioners, school district, and cities, make the decision to opt out independently, as they are separate entities. The dates and times of the hearings will be published in the local newspaper before the public hearings are held.
Updated 11/5/2024