$500 Property Tax Break Proposed by Kemp

Kemp proposed a second round of tax refund checks and restore a property tax break that hasn’t been activated by the state legislature since 2008.

Did you know that Brian Kemp announced last August 11, 2022 that he will seek a second round of tax rebate checks to Georgia taxpayers and the return of a state property tax?

Some details regarding this dueling proposal that would use Georgia’s budget surplus :

• The property tax break is already part of Georgia law, but inactive – A handout from the governor’s office noted it was established in 1999 under O.C.G.A 36-89-3 and 36-89-4. Basically, it gives the state legislature the option to provide for a property tax break – they just haven’t done it since 2008.
• It would provide for about a $500 savings to homeowners on average – The specific amount would vary. The governor’s office said it would be about 15-25% on property tax bills.
• You most likely wouldn’t see that until 2024, however – The tax break would, as with the refund checks, need to be approved by the legislature when they meet again in Jan. 2023. If they were to approve it, it would only likely apply to 2023 property taxes – which you wouldn’t file for, and see the savings on, until 2024.

Related:

• Home Financing Calculators – Did you know that using bi-weekly payments can accelerate your mortgage payoff and save you thousands in interest? Also, do you know the APR on your adjustable rate mortgage? Use these home financing calculators to help determine whether you should buy or rent, and much more!
• Tax Estimators Calculators – How much in income taxes will you pay? If you are self-employed, how much will you pay in self-employment taxes? Use these tax calculators to help determine your tax bills for the upcoming tax year.

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