HB 1055 provides for the Phase-out of the state portion of the ad valorem tax by 2016. The elimination of the quarter mill gets the state out of the property tax business and provides manageable and meaningful tax relief to Georgia taxpayers.
SB 346 is the most sweeping overhaul of the property tax system in decades. It allows for annual property tax assessments and longer apeal times. Represetnative Tom Weldon believes, as property values decline, you should not be forced to pay the old valuation.
Senior Citizen Income Tax Elimination is included in HB 1055. It will allow the phase-out of the state tax on senior's retirement income by 2016. This will result in a projected $142 million in tax relief for our seniors every year.