- House Bill 581 creates a floating homestead exemption that limits increases in taxable home values to the prior year’s inflation rate.
- Local governments and school systems can choose to opt in or out, but once they opt in, they cannot reverse the decision.
- Watch the video for local government and neighbors' stances.
BROADCAST TRANSCRIPT
The law caps how much a home's taxable value can rise each year, tying it to inflation. Sounds good for homeowners, but local leaders are weighing the long-term impact. If the county opts in, it's locked in for good. If it opts out, there's still a chance to join later.
Lowndes County Commissioner Bill Slaughter says they're taking their time.
"We're studying it. We have not made a decision at this time of whether we're going to opt in or to stay out of it."
One big concern? Shifting the tax burden. Homeowner and business owner Tricia Williams says now is not the time.
"Currently, we're in a nationwide recession, so we have a lot less money coming in with the price of everything going up. So, to put more of a tax burden on us now, it's the wrong time for starters."
She says struggling homeowners shouldn't carry the weight alone.
"Other than putting that burden on us as homeowners, that burden needs to be put on the people who already own property and are not maintaining those properties."
And for many in Lowndes County, recovery from Hurricane Helene is still ongoing.
"We're still struggling with the financial impact. A lot of us had to spend thousands on generators and fuel. We lost food, we're fighting insurance for repairs. We're just struggling."
While homeowners get predictable tax increases, renters, businesses, and farms could see higher taxes to fill the gap.
