Columbus council schedules public hearings on stateHouse Bill 581 floating homestead and opt-out decision

Columbus, Georgia Jan. 28 Tax assessor Suzanne Weidenhaus told the Columbus City Council on Tuesday that House Bill 581, passed statewide by referendum this fall, creates a new "floating homestead" exemption that would adjust a home's base-year assessed value up or down by an inflation index and that Muscogee County and other local taxing authorities have a one-time option to opt out of adopting the state-controlled floating homestead.

Why it matters: The council must decide whether to opt out by March 1, 2025, after holding three public hearings. Supporters of opting out told the council the county's current local homestead freeze stabilizes revenue in a downturn; supporters of staying in said some taxpayers could see lower valuations under a floating approach in certain market conditions. The choice affects property owners and municipal revenue planning.

What Weidenhaus told the council: She said the floating homestead would use a base-year fair-market value (tax year 2024 for this implementation) and then apply an inflationary or deflationary index that could raise or reduce assessments. The floating exemption would be available only when it is more beneficial to the taxpayer than the existing…