Georgia HB61 proposes a homestead exemption from Twiggs County ad valorem taxes for eligible residents.

Georgia HB61 proposes a homestead exemption from Twiggs County ad valorem taxes for eligible residents, 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. The bill mandates an election for voter approval, with the exemption becoming effective if approved. The exemption applies to all taxable years starting January 1, 2027, and ending December 31, 2039. The bill also outlines procedures for the election, compliance, and automatic repeal if not approved.

Georgia HB61 proposes a homestead exemption from Twiggs County ad valorem taxes for eligible residents.

Georgia HB61 proposes a homestead exemption from Twiggs County ad valorem taxes for eligible residents, 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. The bill mandates an election for voter approval, with the exemption becoming effective if approved. The exemption applies to all taxable years starting January 1, 2027, and ending December 31, 2039. The bill also outlines procedures for the election, compliance, and automatic repeal if not approved.