If you're wallet is pretty light right now, know you're not alone. With inflation as high as 13% and paying an average of $600 more each month due to inflation according to this source, it is no wonder that you're feeling the financial pain.
Here's some good news: Governor Kemp has included a one-time Property Tax Relief Grant is a budget proposal by Governor Brian Kemp to refund $950 million in property taxes back to homestead owners in the Amended Fiscal Year 2023 budget.
The Department of Revenue in the Amended Fiscal Year 2023 budget, the Department of Revenue will be able to reduce the assessed value of Georgia homesteads by $18,000.
Here is how the process works
First, the property tax bills are prepared. Next, local tax officials notify the Department of Revenue of the total anticipated revenue if all applicable millage rates were applied to all qualified homesteads. Then the Department of Revenue issues credits. Lastly, the funds are allocated based on local taxing authorities reducing a taxpayer’s liability.
The budget proposal put forth by Governor Brian Kemp, known as the Property Tax Relief Grant, aims to provide a one-time refund of $950 million in property taxes to homestead owners. This initiative, which is part of the Amended Fiscal Year 2023 budget, was officially enacted into law on March 13, 2023, when Governor Kemp signed HB 18. The Property Tax Relief Grant is synonymous with the Homestead Tax Relief Grant, as it seeks to alleviate the burden of property taxes for eligible homeowners.
As the resident and homeowner, you will get a notice on the property tax bill which states that the reduction comes from the Governor and the General Assembly. For more info, go here.
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Disclaimer: Please note that the information in this article for NewsBreak is only for educational and informational purposes.