(ExpressTelegraph.com) — When Georgia voters head to the polls for the November election, they’ll also be weighing in on two constitutional amendments and a referendum.
The first constitutional amendment, authorized by House Resolution 1022, would enact House Bill 581 and limit how much home values can increase, tying it to the inflation rate. It would also introduce a new Local Option Sales Tax (LOST) for property tax relief.
The exemption would be limited to jurisdictions that do not already have certain homestead exemptions in place, and county, consolidated and municipal governments and local school systems have until March 2025 to opt out of the homestead exemption.
The second constitutional amendment, authorized by House Resolution 598, asks voters whether the state should create a statewide Georgia Tax Court. The governor would appoint its judges, who would serve four-year terms, subject to approval by the state House and Senate judiciary committees.
A statewide referendum question asks voters whether the state should raise the tangible personal property tax exemption from $7,500 to $20,000. Business groups support the change.
“Georgia’s small businesses already pay sales taxes on equipment, desks, and other property,” National Federation of Independent Business State Director Hunter Loggins said in a release. “The tangible personal property tax means they must pay taxes on the same items year after year.”
“Taxing small businesses again and again on the same equipment makes it harder for them to grow, create jobs, and support their communities,” Loggins added. “Raising the threshold for this tax would help ease the financial pressure on employers struggling with rising costs due to inflation.”