Georgia HB21 proposes a homestead exemption from Gilmer County ad valorem taxes for eligible residents.

Georgia HB21 provides a homestead exemption from Gilmer County ad valorem taxes for eligible residents. The exemption amount is based on the assessed value of the homestead property, determined annually using the proceeds of a new Local Homestead Option Sales Tax (LHOST). The exemption applies to all taxable years beginning on January 1, 2027, and ending on December 31, 2039. The LHOST will be imposed from January 1, 2027. The bill requires a referendum for approval, which must receive a two-thirds majority vote in both the Senate and the House of Representatives.

Georgia HB21 proposes a homestead exemption from Gilmer County ad valorem taxes for eligible residents.

Georgia HB21 provides a homestead exemption from Gilmer County ad valorem taxes for eligible residents. The exemption amount is based on the assessed value of the homestead property, determined annually using the proceeds of a new Local Homestead Option Sales Tax (LHOST). The exemption applies to all taxable years beginning on January 1, 2027, and ending on December 31, 2039. The LHOST will be imposed from January 1, 2027. The bill requires a referendum for approval, which must receive a two-thirds majority vote in both the Senate and the House of Representatives.