State Issues
State Constitutional Amendment Proposes a Cap on the Assessed Value of Homesteaded Properties
October 2, 2024
This November, voters across the country will go to the polls to support their favorite candidate for president and other local, state, and federal candidates. In Georgia, voters will also have the opportunity to vote for a constitutional amendment that would “limit increases in the assessed value of homesteads.”
The Georgia Local Option Homestead Property Tax Exemption Amendment will appear on the 2024 November ballot as a legislatively referred constitutional amendment. A legislative referral amends the state constitution.
This tax initiative passed the Georgia General Assembly earlier this year as House Resolution 1022.
The cap, if passed, would apply to all county governments, consolidated governments, municipalities, or local school systems. However, the legislation provides an exemption for jurisdictions that already have similar caps and requires the legislature to develop an opt-out process for jurisdictions that complete certain procedures.
About the GRBOR Market Brief
The Greater Rome Board of REALTORS® (GRBOR) Market Brief is compiled by Georgia Multiple Listing Service (GAMLS).For more information on details of this month's report, please contact the Board at 404.845.4025.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Greater Rome Board of REALTORS®
The Greater Rome Board of REALTORS® (GRBOR) has been an instrumental factor in the growth of real estate in Floyd County, Georgia for more than a decade. GRBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About Georgia Multiple Listing Service
Since 1962 Georgia MLS has been providing real estate professionals with exceptional service, proven technology solutions, and unmatched value. With a laser-sharp focus on making the day-to-day tasks of our MLS subscribers more functional, more productive, and more profitable, we continue to implement the service blueprint that has led to our continued growth. For additional information or to start a discussion about how to partner with GAMLS please contact georgiamls@gamls.com.