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 ARA Market Brief
The Atlanta REALTORS® (ARA Market Brief is compiled by First Multiple Listing Service (FMLS) and provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. The Market Brief covers the following 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding, and Rockdale.
The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Atlanta REALTORS® Association
The Atlanta REALTORS® Association (ARA) has been an instrumental factor in the growth of real estate in the state of Georgia for more than a century. With over 14,000 members, Atlanta is the largest association in Georgia and is considered to be one of the strongest and most successful REALTOR® organizations in the nation. ARA serves as a central source of information for its members, 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 First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact join@fmls.com.