With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief.
Georgia’s Senate Finance Committee plans a hearing on Monday on a bill limiting increases in a home’s value, as assessed for property tax purposes, to 3% per year. The limit would last as long as the owner maintained a homestead exemption. Voters would have to approve the plan in a November referendum.
Meanwhile, Republican House Speaker Jon Burns of Newington proposes doubling the state’s homestead tax exemption, a measure likely to cut tax bills by nearly $100 million statewide.
And who owns the most properties? Who will benefit most from this?
Why does that matter? There are plenty of individuals with 1 property that are being squeezed by the massive increase in property value, especially those who bought a house for say 100k and now it’s worth 300k or more, some are even worse, buying a house 30 years ago for 50k and now it’s worth 500k.
What we need is higher tax for those who own multiple properties as a business and stable, possibly lower taxes for primary residence. Not unlike the sales tax not being owed on up to $x as long it’s being used to buy another house/property.
That’s what I said…
No that’s not what you said at all. Maybe you thought it but you definitely didn’t type it out, at least not in the comment I responded to.
The article says something similar to what I suggested but not quite the same though functionally equivalent because (if it passes) the tax increase will be capped year over year so long as it’s a primary residence and not being rented out.
It’s not my problem if you don’t understand inference, and need everything spelled out for you. Real estate investment firms and businesses will benefit the most from this, hence my blatantly obvious sarcastic first question. I don’t give two shits how it affects residences. Again, not my problem, or concern. I’m done with this. Find your attention elsewhere.
Your comment definitely sounded like you were hinting at this being helpful to retail investors, if you had read the article or at least the summary you would see that’s its only going to cap the increase in taxes for primary residences and not rentals.
It might also behoove you to learn what inference actually means. You sound like a teenager shrugging and groaning and that means they had a bad day and so so said this and the teacher said that, etc. For your readers to infer anything accurately you need to provide way more words than you actually did.
You have a nice day now and I’m sure I’ll see you around and I’m sure I’ll be correcting you on something else in the not to distant future.
Hint: They’re likely not under 40.
I was under 40 when we bought our house. The big cities are pricing out a lot of people but there are plenty of places with lcol that also happens to be close to hcol areas where you can make more money while spending less on your mortgage.
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