The two chambers of Georgia's legislature are preparing a deal that would limit a property's assessed value increase by 3%.
ATLANTA — A deal between the Georgia House and Senate on limiting how much assessed home values can rise for tax purposes may be solidifying, although questions remain about the election-year push for property tax relief.
Voters would have to approve the plan in a November referendum. If approved, the limit would last as long as owners maintain a homestead exemption, typically as long as they own a home. Property taxes are a hot issue for Georgia lawmakers this year, facing complaints that bills have steadily risen along with home values. 'Property taxes are the No. 1 thing that we hear about,' said Sen. Jason Esteves, an Atlanta Democrat.
Many governments have spent the windfall from rising values to increase employee pay and cover inflation-swollen expenses. A 3% cap could push governments to raise tax rates instead. But most school districts can’t raise tax rates above a certain level. 'The ones that are close to the cap, they can go through the steps of opting out,' Esteves said of those districts.
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