Legislation introduced by Georgia Gov. Sonny Perdue could save property owners millions by amending the Georgia Constitution to eliminate the state's power to impose ad valorem taxes.
The state currently adds a quarter mill tax on homes, land, automobiles and personal property after local governments and authorities set their millage rates.
Perdue said his measure would "give Georgia property owners an annual break on their ever-increasing property tax bills" to the tune of an estimated $94 million during the first year of implementation.
State House Rep. Jim Cole (R-Forsyth), floor leader for the bill in the House, said the legislation is one of many steps lawmakers plan this year to provide Georgians with tax relief.
"Most Georgians don't even realize that a portion of their property tax payment comes to the state," he said. "While we have gotten used to seeing more and more tacked on to those bills, I am excited to offer an idea that will reduce this burden felt by property owners around the state."
If passed, the constitutional change would be placed on the November ballot as a referendum, allowing voters the opportunity to vote ratify or reject the amendment.
The state currently adds a quarter mill tax on homes, land, automobiles and personal property after local governments and authorities set their millage rates.
Perdue said his measure would "give Georgia property owners an annual break on their ever-increasing property tax bills" to the tune of an estimated $94 million during the first year of implementation.
State House Rep. Jim Cole (R-Forsyth), floor leader for the bill in the House, said the legislation is one of many steps lawmakers plan this year to provide Georgians with tax relief.
"Most Georgians don't even realize that a portion of their property tax payment comes to the state," he said. "While we have gotten used to seeing more and more tacked on to those bills, I am excited to offer an idea that will reduce this burden felt by property owners around the state."
If passed, the constitutional change would be placed on the November ballot as a referendum, allowing voters the opportunity to vote ratify or reject the amendment.