Friday, May 31, 2024–9:13 a.m.
-John Bailey, Rome News-Tribune-
This story is possible because of a news-sharing agreement with the Rome News-Tribune. More information can be found at northwestgeorgianews.com
A constitutional amendment, which will come before voters in November, would cap the amount home property taxes can be raised in a given year.
The main thrust of Senate Bill 349, sponsored by Sen. Chuck Hufstetler, R-Rome, is to limit property tax increases to no more than 3% a year, he told a group of Rotary Club of Rome and Rome Floyd Chamber members on Thursday. The proposed amendment also streamlines the valuation and appeals processes.
A number of cities and counties — including Rome and Floyd — have homestead freezes in place, but they don’t apply to school taxes as SB 349 would, if passed. School taxes can make up as much as 75% of a homeowner’s property tax bill.
If the amendment passes, you would still get notices of increased property values, Hufstetler said, but your bill couldn’t go up by more than 3% unless a city, county or school system raises their tax rate.
“The other part of that is, we agreed to the addition of a local option sales tax that city and county governments could put in, if they can agree on it,” Hufstetler said. “If they do that, the (Floyd) county tax rate would go down around 41%, the city of Rome about 82%, with this additional penny.”
With the new LOST in place, 63% of cities in the state of Georgia would no longer have a property tax, he said.
“I think this is the most significant tax bill in Georgia history,” Hufstetler said.
Georgians’ income tax rate will also continue to drop, he said. Last year it went from 6% to 5.75%. This year it will drop to 5.49%.
“Governor (Brian) Kemp wanted to accelerate it because we’re going down a tenth each time. He wanted it go down to 5.39% and I said ‘that’s fine but it’s still my tax cut, you’re not taking it from me’,” Hufstetler joked. “We will do it a year earlier, but eventually we’ll be down to 4.99% on the tax rate.”