We in North Fulton got a shock with the Fulton County tax assessments in 2017 due to a long overdue correction in the property valuations and inconsistencies in how they were determined.
Rep. Price introduced HB 707 asking for a referendum to create a new floating homestead exemption from city ad valorem taxes. Voters will be asked in November 2018 if they wish to approve a new homestead exemption from city property taxes. The amount would be the difference between the current year assessed value of a home and its lowest base year value, that will be adjusted yearly by the lesser of 3 percent or the CPI.
The legislature is allowed, rather it must, insert itself into the Fulton County matter in order to provide some predictability in the annual taxes to be paid. 2016 and 2017 will be the base years, yet there could be a surprise for some in the 2018 county assessment.
On March 2, 2018 the Governor signed HB 918 which makes major changes in the tax code to match Georgia with the federal tax reductions of last year. In many categories, individuals and corporations will see an additional reduction in the state income tax rate, and an increase in standard deduction for individuals and seniors.
There is no reason why a zero income tax cannot be a reality in Georgia. Cutting taxes has always resulted in increased economic vitality.