Georgia HB70 proposes a homestead exemption from Toombs County ad valorem taxes.

Georgia HB70 proposes a homestead exemption from Toombs County ad valorem taxes. The exemption applies to the assessed value of homestead property, determined annually based on the net proceeds of a new Local Homestead Option Sales Tax. The exemption is subject to approval by county voters in a special election. If approved, the exemption will be effective from January 1, 2027, until December 31, 2039. The bill also includes provisions for definitions, applicability, compliance, and repeal of conflicting laws.

Georgia HB70 proposes a homestead exemption from Toombs County ad valorem taxes.

Georgia HB70 proposes a homestead exemption from Toombs County ad valorem taxes. The exemption applies to the assessed value of homestead property, determined annually based on the net proceeds of a new Local Homestead Option Sales Tax. The exemption is subject to approval by county voters in a special election. If approved, the exemption will be effective from January 1, 2027, until December 31, 2039. The bill also includes provisions for definitions, applicability, compliance, and repeal of conflicting laws.