It appears the Georgia Legislature is seeking to cap real estate tax re-assessment increases at 3% per year. According to the Atlanta Business Chronicle, Republican lawmakers pre-filed legislation to this effect with Georgia House of Representatives on Monday November 17, 2008. The measure, if approved would actually amend Georgia’s constitution. If the proposed constitutional amendment is approved by two-thirds of the legislature then it will be submitted to Georgia voters in the next general election held in an even year.
This could help consumers gain more control of their own annual budgets–especially those who are making Chapter 13 monthly plan payments. In Chapter 13 plans, the Trustee expects the Debtor to continue to make current and timely payments on secured debts like their homes and automobiles. Unexpectedly large increases in property taxes could hinder successful completion of these plans.
At a time when large automobile manufacturers, like General Motors, face the real possibility of Chapter 11 bankruptcy, Georgia consumers need all of the assistance they can get.
The Winter Legislative session begins January 12, 2009. I encourage everyone to contact his/her local representative to support this measure capping the percentage increases to real estate assessments.