The rise in housing prices in Georgia has led to a 41% increase in property taxes since 2018. Now lawmakers are trying to put a cap on it.

With the rising cost of homes leading to increased property taxes for many homeowners in Georgia, this year's elections are generating growing interest among state lawmakers to provide relief. The Georgia Senate Finance Committee is planning a hearing on Monday regarding a bill that would limit the increase in home value, as determined for property tax purposes, to 3% per year. This cap will remain in effect as long as the owner maintains the homestead tax exemption.

Meanwhile, Republican House Speaker John Burns from Newington is proposing to double the housing tax credit in the state, a measure that is likely to reduce tax bills by nearly $100 million across the state. But Georgia is far from the only state where lawmakers are responding to voter dissatisfaction over tax increases. "Property taxes are likely to become the most pressing tax issue in many states this year," said Jared Walczak from the Tax Foundation, a group that conducts tax research and often criticizes tax hikes.

Important points:

• The Georgia Senate Finance Committee is planning a hearing on a bill that would limit the increase in home value for tax purposes to 3% per year.
• Republican Speaker of the House John Burns is proposing to double the housing tax credit in the state.
• In Texas, voters passed a plan that cuts property taxes by $18 billion.
• Kansas' Democratic governor and his Republican majority in the Legislature support increasing homeowner benefits to cut taxes by $100 million annually.

With a cap on the taxable value of homes, supporters argue that this will help increase tax revenues for school districts, cities, and counties, relying on rising values. Republicans are urging local governments to lower tax rates so that bills remain stable.

Finance Committee Chairman Chuck Hufstetler supports a bill to limit the taxable value of homes to 3%, pointing to the increase in Georgia property taxes.

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