January 7, 2025 - As required by law, the Monroe County Board of Education (BOE) will hold three public hearings as part of its process for opting out of House Bill 581. The first hearing will be held on January 16, 2025, at 5:30 pm. The second and third public hearings will take place on January 30, 2025 at 5:30 pm and February 11, 2025 at 6:00 pm. All of the public hearings are scheduled to take place in the Board Room at 29 Brooklyn Avenue, Forsyth, GA 31029.
Georgia House Bill 581 (HB-581) took effect January 1, 2025, and established a statewide floating homestead exemption that limits or caps the annual increase in property tax assessments on homesteaded properties to the inflation rate of the previous year. For example, if a home increases in value by 5% but the previous year's inflation rate is 2%, the home will only be valued, for property tax purposes, at the 2% increase instead of the 5%. The difference between CPI and projected actual growth could mean a loss of approximately $2.5 million yearly in revenue for the school system. While the legislation would reduce the tax burden on homeowners on the surface, it could lead to recommendations for a higher millage rate to offset the revenue difference.
The state legislation provides school districts only one opportunity to opt-out, and by not opting out the district and BOE would lose local control over property-tax policies along with the ability to tailor tax rates and exemptions to specific community needs and fiscal conditions.
It is important to note that this decision to opt-out will not affect any existing exemptions for Monroe County residents.
For more information, visit our HB581 Resource Center.