House Bill 581 Property Tax Exemption
What is Georgia House Bill 581?
House Bill 581 (HB 581), effective January 1, 2025, introduces a statewide property tax exemption called the “floating homestead exemption.” This exemption limits the annual increase in a home’s taxable value to the rate of inflation instead of assessed market value, aiming to prevent significant property tax hikes for homeowners. The bill allows cities, counties, and school districts a one-time opt out if they meet certain legal requirements.
Why is the school district opting out?
The Gwinnett County Board of Education (BOE) intends to opt out of this exemption. The primary reason is concern over potential reductions in funding for our schools. Limiting the taxable value increase will lead to millions of dollars in decreased revenue, which will affect the quality of education and resources available to students. By opting out, the district aims to ensure sufficient funding to maintain and improve critical educational services that meet the needs of our students and community.
Public Hearings
The BOE is holding public hearings to discuss this decision and gather community input. Community members are encouraged to participate in these hearings.
First Hearing: January 16, 2025, at 6 p.m.
Second Hearing: February 20, 2025, at 11 a.m.
Third Hearing: February 20, 2025, at 6 p.m.
All hearings are held at the Instructional Support Center, 437 Old Peachtree Road NW, Suwanee, Georgia 30024. You can share your questions or comments by emailing myschoolboard@gcpsk12.org.
Stay Informed
For more information about HB 581 and the Board’s decision, please visit the district’s website: www.gcpsk12.org.
Your involvement is crucial as we navigate this important decision affecting our schools and community.