Georgia senators want to limit how much assessed home values can rise for tax purposes, in an election-year effort to hold down property taxes.
The state Senate voted 42-7 on Thursday for Senate Bill 349, which would limit increases in a home’s value, as assessed for property tax purposes, to 3% per year. The limit would last as long as owners maintain a homestead exemption, typically as long as they own a home.
Voters would have to approve the plan in a November referendum.
"It is to prevent people from being taxed out of their homes," said Senate Finance Committee Chairman Chuck Hufstetler, the Rome Republican sponsoring the measure. "Their income is often not going up with the taxes, which are going up by the hundreds or thousands of dollars."