Georgia HB5 proposes a homestead exemption from City of Cadwell ad valorem taxes funded by a new Local Homestead Option Sales Tax.

Georgia HB5 provides a homestead exemption from City of Cadwell ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST). The exemption applies to the assessed value of homestead property, determined annually based on LHOST proceeds. It applies to all taxable years starting January 1, 2027, and ending December 31, 2039. The exemption is additional to any other applicable homestead exemptions. The bill requires a referendum for approval, with an election scheduled for November 2026. If approved, the Act becomes law on January 1, 2027.

Georgia HB5 proposes a homestead exemption from City of Cadwell ad valorem taxes funded by a new Local Homestead Option Sales Tax.

Georgia HB5 provides a homestead exemption from City of Cadwell ad valorem taxes, funded by a new Local Homestead Option Sales Tax (LHOST). The exemption applies to the assessed value of homestead property, determined annually based on LHOST proceeds. It applies to all taxable years starting January 1, 2027, and ending December 31, 2039. The exemption is additional to any other applicable homestead exemptions. The bill requires a referendum for approval, with an election scheduled for November 2026. If approved, the Act becomes law on January 1, 2027.