Constitutional Amendment 1
Provides a state-wide homestead exemption
"Shall the Constitution of Georgia be amended so as to authorize the General Assembly to provide by general law for a state-wide homestead exemption that serves to limit increases in the assessed value of homesteads, but which any county, consolidated government, municipality, or local school system may opt out of upon the completion of certain procedures?"
What voting “yes” or “no” means:
YES
Voting “yes” means that for every $10.00 you spend at a sporting goods store for the next 10 years, up to $0.32 of the sales tax you pay may go to protect the great outdoors.
NO
Voting “no” means that $0.32 will continue to fund education, health, higher education, public safety, etc.
Supporters say this will clean up a complex and confusing property tax system and ensure homeowners are protected from spikes in property taxes..
Opponents say this will hurt potential first-time homeowners by discouraging existing homeowners from selling their homes and will decrease government revenue.
Summary:
A homestead exemption allows homeowners to protect a portion of their primary residence’s value from property taxes. It reduces the taxable value of the property, leading to lower property taxes. Under this proposal, home value increases would be capped at the rate of inflation, unless a homeowner substantially renovates or adds on to their home.
The City of Atlanta, Fulton County, and DeKalb County already have similar “floating” homestead property tax exemptions in place, but Atlanta Public Schools does not. If this amendment passes, counties, cities, and school systems would be allowed to opt out of this exemption, but it would require local governments to publicly advertise and host 3 public meetings first.
How did the state legislature vote on this?
Legislation for property tax exemptions requires a two-thirds vote of each chamber of the Georgia State Legislature, the governor's signature, and voter approval.