Augusta holds third public hearing on House Bill 581 floating homestead; commission has not decided whether to opt out

Augusta officials held a third public hearing on House Bill 581’s new statewide floating homestead exemption and the option for a local floating sales tax (FLOST), with staff outlining how the change would cap home taxable assessment increases at the prior-year consumer price index and public commenters split on whether the commission should opt out.

City staff said the statewide constitutional amendment implementing the floating homestead became effective Jan. 1 and that Richmond County’s voters approved the amendment in November by about 62% to 38%. Scott Rountree, Richmond County chief appraiser, told the hearing that “the homestead exemption applications are due April 1 of every year” and explained that the floating exemption would use a base year (2024 for existing homesteads) and limit taxable-value increases to the prior-year CPI (Rountree said the 2024 CPI used in examples was 2.9 percent).

The nut of the proposal, staff said, is that the floating homestead would exempt from taxation any increase in a homesteaded property’s assessed value that exceeds the CPI cap for the base year; the exemption remains with the property and owner while they occupy it, can transfer to a surviving spouse, and resets if the property is sold or substantially altered. Interim Finance Director Tim…