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HB 476

RELATING TO CAPITAL GAINS TAX.

2025 Regular Session Introduced by Daniel Holt and 3 co-sponsors

House Bill 476 offers Bryan County homeowners a tax exemption on school district property taxes, reducing their tax burden based on assessed homestead values.

Carried over to 2026 Regular Session.
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Bill Summary · HB 476

Summary of House Bill 476: Watson-Stephens-Petrea-Franklin Tax Relief Act

Purpose and Intent

House Bill 476, also known as the Watson-Stephens-Petrea-Franklin Tax Relief Act, aims to provide a homestead exemption from ad valorem taxes levied by the Bryan County school district for educational purposes. The exemption is designed to alleviate the tax burden on homeowners by allowing them to exempt a portion of their property taxes based on the assessed value of their homestead.

Key Provisions

  • Homestead Exemption: The bill grants residents of the Bryan County school district an exemption equal to the amount by which the current year's assessed value of their homestead exceeds the adjusted base year assessed value.

  • Definitions: The bill provides specific definitions for terms such as:

    • Ad valorem taxes: Taxes levied for educational purposes, excluding those for bonded indebtedness.
    • Adjusted base year assessed value: A calculation that includes previous assessed values and adjustments for inflation and substantial property changes.
    • Homestead: Defined as a primary residence including up to five contiguous acres.

  • Application Process: Residents must apply for the exemption through the Bryan County tax commissioner, although those who received a homestead exemption for the 2025 tax year will automatically qualify for the 2026 tax year without reapplication.

  • Automatic Renewal: The exemption will automatically renew each year as long as the homeowner continues to occupy the residence as their homestead.

  • Limitations: The exemption does not apply to state or county taxes for other purposes and cannot be combined with other base year value exemptions.

Affected Parties

  • Homeowners: Residents of the Bryan County school district who own a homestead will benefit from reduced property taxes.
  • Bryan County School District: The district will need to adjust its tax revenue projections based on the exemptions granted under this bill.

Procedural Aspects

  • Introduced: February 18, 2025
  • Status: Reported from the Ways and Means Committee (WAM) with recommendations for passage and amendments.
  • Legislative Timeline: The bill has undergone several readings and committee reviews, with significant actions including:
    • Passed House: February 21, 2025
    • Senate Approval: February 28, 2025
    • Signed by Governor: May 9, 2025
    • Effective Date: May 9, 2025

Conclusion

House Bill 476 seeks to provide financial relief to homeowners in Bryan County by establishing a homestead exemption from certain school district taxes. By defining the exemption's parameters and application process, the bill aims to ensure that eligible residents can benefit from reduced tax liabilities while maintaining compliance with state regulations.

Compiled from official sources — confirm details with the bill’s official record.

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