Legislators Introducing Bills to Save Hampton Homeowners on Taxes

Earlier this week, state legislators introduced bills to create homestead exemption for Hampton homeowners. The exemption would save Hampton homeowners on their property taxes.

State Senators Emanuel Jones, Brian Strickland and Rick Williams co-sponsored the bills. The three senators represent Henry County. In January, the Hampton council held a special meeting to formally request the homestead exemption.

Hampton Homestead Exemption

The proposed Hampton homestead exemption has two bills. They are Senate Bills 289 and 290, respectively. The two bills would create separate homestead exemptions, based on the end benefactor. Each bill proposes the following:

• SB 289 – provides $50 thousand in homestead exemption for those both under 65 years of age and totally disabled.
• SB 290 – provides $15 thousand in exemption for all other homeowners.

The bills received their first read on March 7. The general assembly must pass the bills out of both chambers before the annual session ends later this month. Local homestead bills typically advance through the local calendar with little to no opposition.

If the bills pass and Governor Kemp signs them, then the voters of Hampton must approve the tax savings at the ballot box. This would take place on the November 2023 ballot alongside city council elections. If voters approve the homestead, then the savings would begin in 2024.

Property Tax Savings

The Hampton council adopted a city property tax last year for the first time in decades. This property tax was 4.5 mills in 2022. One mill is equalivalent to $1 paid in taxes per thousand dollars of assessed value on property. For example, a house valued at $250,000 has an assessed value of $100 thousand, or 40%. The property would pay $450 in city taxes at the current rate.

The proposed homestead exemption would reduce the assesed value for homeowners. In the example above, a homeowner would only be assessed at $85 thousand rather than the full $100 thousand. At the present millage rate, the proposed exemption would save $67.50 for Hampton homeowners.

For those who qualify as totally disabled, then the larger exemption provides $225 in tax savings. The amount of savings for each exemption would change if Hampton changed its millage rate.

Featured image shows Georgia State Capitol. Wikimedia Commons photo.