ALBANY - The Statewide Floating Homestead Exemption (HB581), which took effect January 1, 2025, establishes a statewide floating homestead exemption that limits the annual increase in property tax assessments on homestead properties to the rate of inflation.
The Dougherty County Board of Education has several concerns related to HB581 in its current form. Some of those concerns include:
All of the long-term financial implications of HB581 cannot be projected;
One long-term effect of HB581 is that it shifts the burden of property taxes from homeowners to other property owners, such as owners of investment properties, as well as industrial and commercial businesses;
HB581 could have a significant, negative impact on two areas of state revenue for the school district, local fair share and equalization grant;
HB581 provides city and county governments the option to ask for an additional penny sales tax to offset any potential loss from the exemption; but, school districts were not provided this option;
Local officials are best positioned to make decisions for local issues. HB581 limits the flexibility of boards of education to fund the operations of the school district;
Governments are allowed only a one-time chance to opt out of its provisions, and the opt-out must be made by March 1, 2025.
Because of its concerns, the Dougherty County Board of Education intends to opt out of HB581; however, the board is committed to hearing from the community before making a final decision. Three public hearings have been scheduled to receive feedback from community stakeholders.
Several exemptions have been enacted to reduce the burden of taxation for Georgia homeowners. These existing homestead exemptions would not be impacted by opting out. Additionally, opting out would result in no changes to the current process that provides for local control and the right of local citizens to give input regarding local taxation.
It is important to note that, using the current process, the Dougherty County Board of Education has not increased the millage rate for at least the last two decades. In fact, the Dougherty County Board of Education has lowered the millage rate six of the last seven years.
We encourage you to stay informed on this issue and its potential impact to ensure our community's needs are met. All concerned citizens are invited to the public hearings on this matter to be held in the boardroom at 200 Pine Avenue, Albany, Georgia at noon and 6 p.m. on Thursday, January 23, 2025 and at noon on Tuesday, February 4, 2025.