From Fortune:

Georgia’s Senate Finance Committee discusses a bill limiting property value increases for tax calculation to 3% a year. Local lawmakers across the nation are reacting to voter discontent over higher levies. In Columbus, long-term residents are paying significantly lower property taxes compared to newcomers. At least 39 Georgia counties have laws limiting value increases.

Other states are addressing the impact of rising property values. Pennsylvania is using lottery proceeds for property tax relief. Colorado approved higher residential deductions and a lower assessment rate. Republican leaders in Georgia are cool toward imposing valuation caps statewide. They instead back a plan to increase the tax exemption.

Georgia’s Lieutenant Governor Burt Jones and at least one Democrat support a bill that would prevent large surprise increases in home values. Supporters of the bill argue higher taxes are forcing owners to sell and move. Senate Bill 349 sponsors argue school districts and governments are pocketing higher revenues based on value.

Statistics show overall property tax collections rose 41% from 2018 to 2022 in Georgia. Property value assessments increased by nearly 39% in that same period. Capping assessments could lead to governments raising taxes and possibly shifting the tax burden to commercial and industrial property owners, as well as renters.



Read more: Soaring Georgia home values have raised real estate taxes by 41% since 2018