Summary
Georgia lawmakers are looking at a new bill that would limit how much local governments can raise property taxes each year. The bill aims to ease the burden on homeowners but may reduce funding for local services. The bill is currently being considered by the Georgia state Senate.
Key Facts
- Georgia lawmakers are reviewing a bill to cap property tax increases.
- The proposed cap is either 3% per year or the current inflation rate, whichever is higher.
- The bill includes a provision for local governments to use a penny sales tax to recover lost funds.
- Property tax bills in the U.S. have increased by nearly 24% from 2019 to 2023.
- Older homeowners are significantly affected by property taxes, with 13% paying more than 10% of their income.
- Georgia's current effective property tax rate is 0.79%.
- The bill does not require a constitutional amendment, unlike similar measures in other states.
- The Georgia state Senate is now reviewing the bill.
