Georgia Authorizes City of Atlanta Homestead Property Tax Exemption, Subject to Voter Approval

The Georgia Governor signed a law concerning a homestead property tax exemption. The law includes: 1) providing a homestead exemption from City of Atlanta independent school district ad valorem taxes for educational purposes in the amount of $50,000 of the assessed value of the homestead for residents of the school district who are 65 years of age or older with an aggregate cap of $487,804,878; 2) requiring voter approval of the exemption in the November election; and 3) providing that the exemption is applicable to all taxable years beginning on or after Jan. 1, 2026. The law took effect May ...