A closer look at 3 measures just approved by Georgia voters
ATLANTA, Ga. (WRDW/WAGT) - Georgia voters approved three ballot measures aimed at taxes and property values.
One of the measures with the most would cap property taxes. According to the Department of Revenue, between 2018 to 2022, the total assessed property value in Georgia increased by 40%.
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Georgia Amendment 1 is called the Local Option Homestead Property Tax Exemption Amendment. This constitutional amendment would allow the state legislature to implement a statewide local-option homestead exemption from ad valorem taxes. It would apply to every county, consolidated government, municipality or local school system beginning January 1, 2025.
A homestead property tax exemption reduces the amount of property taxes that a homeowner owes on their residence.
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Emory University professor Usha Rackliffe said this will help existing homeowners and suggests they may stay in their homes longer. She feels it’s a good measure, but some school districts may suffer without the funding.
“Half of Georgia’s property tax revenue goes to fund the school systems. So it’s a really key source of revenue. And so you can’t afford maybe to have a decrease in the revenue for all of those people,” said Rackliffe.
In a related measure, Georgia Referendum A, or the Personal Property Tax Exemption Increase Measure, will increase the personal property tax exemption from $7,500 to $20,000 on January 1st, 2025.
Rackliffe said it will help small business owners the most.
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“If you talk to a small business owner, they will tell you $7,500 doesn’t for very much. Maybe it s for a couch and two chairs, a table, and a couple of chairs. It’s just keeping up with inflation. Costs have gone up so much, so $7,500 doesn’t amount to a whole heck of a lot these days anyway,” said Rackliffe.
Constitutional Amendment 2 narrowly ed for the creation of the Georgia Tax Court that will rule on tax disputes between businesses and the Georgia Department of Revenue.
Currently, Georgia has a tax tribunal, which is not a part of the state judicial system.
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