The Marion County Board of Education has announced that it plans to opt out of the Homestead Exemption offered by House Bill 581 (HB 581). An explanation of their decision is below.
HB 581, passed by the Georgia General Assembly in 2024, establishes a statewide floating homestead exemption that limits the annual increase in property tax assessments on homesteaded properties to the inflation rate of the previous year. For example, if a home increases in value by 5% but the previous year's inflation rate is 2%, the home will only be valued at 2% more.
While the legislation would reduce the tax burden on homeowners on the surface, it could lead to an increase in the millage rate to offset the revenue difference, which would shift the tax burden to non-homesteaded prop...
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