finance

Georgia Homestead Exemption and HB 581

Georgia assesses property at 40% of fair market value, subtracts exemptions, and applies the millage rate. The basic statewide homestead exemption is $2,000 off assessed value for county and school taxes, filed generally by April 1 by an owner occupying the home on January 1. HB 581, effective January 1, 2025, adds a statewide floating homestead exemption that caps annual increases in taxable assessed value at inflation for jurisdictions that did not opt out; its base resets when the home sells.