Macon intends to opt out of a state sales tax exemption. What that means for local taxpayers

Macon-Bibb County plans to opt out of a statewide exemption that would limit property tax hikes.

The new statewide amendment approved by lawmakers last spring and passed by voters in November creates a “floating homestead exemption” as well as some changes to how properties are assessed and taxed.

The homestead exemption limits increases to a home’s assessed value, effectively limiting increases on property taxes.

Property taxes are calculated by multiplying the millage rate by the assessed value of property, or 40% of the fair market value. Property values are regularly adjusted via appraisals.

Municipalities have the option to opt-out of the exemption after holding three public hearings and taking a vote. If the county chooses to opt-out, their decision will stand for the next 50 years.

The county’s first public hearing will take place Feb. 25 in city hall at 6:05 p.m.

The Bibb County School District, the other taxing entity in Bibb County, already opted out of the exemption Feb. 5, citing concerns about maintaining financial flexibility.

The county couldn’t make up lost revenue from capped property taxes by implementing an optional sales tax — an alternative offered to local governments by the state — because the county already uses an optional sales tax.

The county has until March 1 to decide whether to opt-out.