Forsyth County Board of Education implements 4% cap on homestead exemptions amid rising home values

Forsyth County Schools is making headlines with its proactive approach to property tax relief, as the Board of Education considers the implications of House Bill 581. This follows the unanimous decision made in February 2023 to self-impose a floating homestead exemption, making Forsyth the only school system in Georgia to take such a step that year. The legislation, known as House Bill 717, introduced a 4% cap on annual property tax assessments, a move aimed at alleviating the financial burden on homeowners facing skyrocketing property values.

During the meeting, Board Chairman Valdez highlighted the significant tax cuts implemented over the past three years, with reductions exceeding three mills, marking one of the largest tax cuts in the state. He emphasized the importance of these measures in response to the rapid increase in home assessments, which have surged by over 20% in recent years. The board's commitment to maintaining a senior property tax exemption was also reaffirmed, ensuring that residents aged 65 and older continue to benefit from tax relief.

The discussions underscored the challenges posed by the imbalance between residential and commercial property taxes, with residential taxpayers shouldering approximately 85% of the tax burden. This situation has been exacerbated by the county's rapid growth, which has seen an influx of over 1,200 new students annually, necessitating continued investment in educational resources.

As the board prepares to finalize its decision on House Bill 581, the focus remains on protecting taxpayers while ensuring the sustainability of educational services in a growing community. The anticipated outcomes of these legislative measures could significantly impact the financial landscape for Forsyth County residents, providing much-needed relief amid rising home values.