As property values have risen over the past few years, many Northwest Georgia taxpayers have seen the resulting increase in their property tax bills and taken action. A proposal on the November ballot would help slow down the increases in valuation on which property taxes are calculated.
Amendment 1 on the November ballot would cap annual property tax assessment increases to inflation, usually about 3% per year. That cap would remain until homeowners choose to sell their property. For frustrated homeowners who have seen their property values increase annually by 20%, 40% or more over the past few years, the measure could come as a significant relief.
Freshman state Rep. Mitchell Horner, R-Ringgold, said one of his goals as an elected official was to protect homeowners from rising tax bills.
“At least it protects the homeowner from losing their property, especially the senior citizen and low-income individual because they’re the ones most affected by these massive tax increases,” he said of the assessment cap. “Five hundred to $1,000 increases a year are very hard on these individuals.”