Georgia Lawmakers Approve Midyear Budget With $1 Billion Property Tax Cut

On Monday, Georgia lawmakers agreed on a midyear spending plan that includes a property tax cut of about $1 billion for Georgians. 

The budget fulfills some of the promises made by Republican Georgia Governor Brian Kemp earlier this year. 

Kemp responded to an article from the Atlanta Journal-Constitution reporting the news on Twitter, writing, “Thank you to the General Assembly for passing the AFY23 budget yesterday which includes $1B in property tax relief for hardworking Georgians, safety grants for every school, investments in economic development for rural Georgia, and much more.”

According to the report, “Under the spending plan, homeowners would receive an extra one-time exemption on the value of their homes at tax time, a move that Kemp said in January would save those Georgians, on average, about $500. It would cost the state about $950 million.”

“Lawmakers included money in the midyear budget for $50,000 safety grants in each school, money to help students who may have fallen behind academically during the COVID-19 pandemic, and more money in dozens of other areas, such as health care, rural workforce housing development, prisons and public safety,” the report added. 

The Georgia Senate is also considering a $1 billion income tax rebate proposed by Kemp, which has already been approved by the House. Under this legislation, married couples who file jointly would receive $500 and single filers would receive $250.

D & B Staff

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