In the next few weeks, Fayette County property owners will be receiving assessment notices reflecting the value placed on their properties for ad valorem tax purposes.
What will not be shown on these notices is a property tax credit of approximately $500 on homesteaded properties, according to a news release from the Fayette County government April 18.
Georgia Governor Brian Kemp signed into law on March 13, 2023 a one-time Property Tax Relief Grant to refund $950 million in property tax credits back to homestead owners.
This will be accomplished by reducing the assessed value of Georgia homesteads by $18,000. The actual amount of the tax credit is determined by applying the county’s millage rate to the $18,000 reduction in assessed value.
For example, using the 2022 unincorporated County millage rate of 26.964 mills (the Property Tax Relief Grant applies to all millage rates except bond millage rates and tax allocation district millage rates) the credit amount would be $485.35 ($18,000 x 26.964/1000).
The total amount of the credit will be shown on the tax bill as “HTRG Credit” with a notation that it is the result of homeowner tax relief enacted by the Governor and the General Assembly of the State of Georgia.
Additional information regarding the Governor’s Property Tax Relief Grant can be found here. For questions about this release, please reach out to the Tax Assessor’s Office at 770-305-5402.
The caption “You’ll be getting a $500 property tax credit in coming days” is misleading. Homeowners who receive school tax exemptions on account of age or income, for instance, will receive much less than $500. As the article shows, taxpayers paying full taxes at last year’s rate of $26.964 will receive only $485.35, not $500. It is also possible that the 2023 rate may be less than $26.964 per $1,000 if the county commissioners and board of education decide to lower the rates a little in light of their continued SPLOST tax revenues and the considerable increase in assessment values between 2022 and 2023.
How does this translate to lower property tax?
I am happy the current lawmakers and Gov, are making efforts to reduce/return money to taxpayers.
So, we are supposed to praise the Govt for giving back some of the money they took from us?
Please explain why the accounting gyration. If the State intended that we get $500 in tax relief then make it a line item on the bill and subtract $500 dollars from the total assessment. If you are giving less than $500 as in the example then call it some else.