A deal is in the works in Georgia to limit how much assessed home values can rise for tax purposes. The Senate Finance Committee approved a bill and state constitutional amendment that would cap increases in a home's value for property tax purposes at 3% per year, with an opt-out provision for local governments or school boards. Voters would need to approve the plan in a November referendum, and the limit would remain as long as owners maintain a homestead exemption.
Property taxes have become a significant concern for Georgia lawmakers, with complaints about rising bills alongside increasing home values. This issue is not unique to Georgia, as states like Texas, Kansas, Colorado, and Pennsylvania have also faced similar challenges.
