In addition to a significant income tax rebate resulting from a massive surplus of state revenue, eligible residents of Georgia can anticipate a substantial reduction in their property taxes this year.
Floyd County’s state legislative delegation, Sen Chuck Hufstetler and Reps. Katie Dempsey and Eddie Lumsden, addressed a joint meeting of the Rome Rotary Club and the Rome Floyd Chamber (Source: Rome News-Tribune).
Floyd County Property Taxes
State Senator Chuck Hufstetler, a member of the Rome Rotary Club and Rome Floyd Chamber, briefly explained the program during a meeting with local lawmakers. Under the amended Fiscal Year 2023 budget, the Property Tax Relief Grant will effectively reimburse homestead owners $950 million in property taxes, thanks to a state revenue surplus of $6 billion.
Although the state does not directly collect property taxes, the grant will be deducted from individuals’ property tax bills, as emphasized by Hufstetler, who chairs the Senate Finance Committee.
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Floyd County Legislative Delegation Focuses Discussion On Property Taxes, Debt, And Balanced Budget (Source: House Media Services).
Debt and a balanced budget
During a meeting, legislators from Rome and Floyd County briefly reviewed the 2023 legislative session and also expressed their opinions on the ongoing debt ceiling debate in Congress.
State Senator Chuck Hufstetler highlighted his concern about the federal deficit, stating that it poses the most significant threat to the economy and the country. He emphasized that excessive spending is diverting funds that could be allocated to other important areas.
In contrast to Congress, Representative Eddie Lumsden pointed out that the Georgia legislature is constitutionally obligated to pass a balanced budget every year. He explained that they have the responsibility of managing two budgets due to the fiscal year starting on July 1. Therefore, their initial task upon returning is to reconcile the previous year’s budget and create a new budget based on the governor’s revenue estimate, according to Rome-News Tribune.
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