The city of Cornelia will hold its third and final public hearing on House Bill 581, a statewide floating homestead exemption that caps the annual increases in property values as a form of tax relief.
So far, in Habersham, HB 581 appears as though it will move forward as all seven cities and the county have either opted-in or indicated plans to do so.
According to the legislation, each county and its municipalities must be unanimous in adopting the homestead exemption to be eligible to vote on FLOST – a 1 cent sales tax that would have to be approved by voters at a later date. Revenue from FLOST, if approved, could only be used to rollback the millage rate.
Rabun County and its cities also appear poised to adopt the bill. In Rabun, the three cities that collect property tax (Tallulah Falls, Clayton, Sky Valley) and the county have all indicated decisions to opt-in as well.
HB 581, approved by referendum by a majority of Habersham County and Rabun County voters last November, would cap homestead exempt property valuations to the inflationary rate determined by the Georgia Department of Revenue. The bill also requires the reassessments of properties every three years.
Officials with the city of Cornelia – who have previously expressed intentions to opt-in alongside the rest of the county, will hold the final hearing at 5 p.m. Thursday, Feb. 27, at Cornelia’s City Courtroom located at 181 Larkin Street.
