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Update from the Capitol: Week Eight

This week in the Senate, the Crossover Day deadline was passed as we officially completed days 27, 28 and 29 of the legislative session. While there were many important pieces of legislation passed on the floor on Crossover Day, arguably the biggest piece of legislation to come before the Senate in years, House Bill 918, passed the day after. This legislation will reduce the current 6 percent top income tax rate in Georgia to 5.75 percent in 2019 and 5.5 percent in 2020. It will also double the standard deduction from $3,000 to $6,000.

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Sen. Jen Jordan Files Homestead Tax Exemption Legislation

ATLANTA (March 7, 2018)  |   Sen. Jen Jordan (D – Atlanta) today filed two Senate Bills that would increase certain homestead tax exemptions and establish a new homestead exemption.

“Our community recently saw a major increase in our assessed home values, which in turn increased our taxes,” said Sen. Jordan. “This came with no warning or explanation, and it does not make sense for residents to suffer the consequences of a mistake they had no hand in creating. Senate Bills 485 and 486 will relieve some of the unexpected burden that so many homeowners are now facing. I look forward to moving these through the General Assembly before the end of this session.”

Senate Bill 485 would increase the homestead exemption from $30,000 to $50,000, exempting $125,000 of a home’s value from school taxes. Senate Bill 486 would establish a new homestead exemption of $100,000 for seniors, regardless of income, exempting $240,000 of a home’s value from school taxes.

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For Immediate Release:
March 7, 2018

Annie Wimbush, Communications Associate
annie.wimbush@senate.ga.gov
404.656.0028