Ga. Property Tax Revision

Yesterday at our Board luncheon Glen Richardson the Speaker of the House of Georgia was our guest. He shared with us the new bill up for vote soon to repeal all Georgia ad-valorum tax including property tax and replace it with a 4% sales tax on all goods and services. Some people are all for it and some do not care to change the current system. This would change our Real Estate market dramatically as those with escrow payments would be paying far less every month on their home note. In his speech he talked about how local cities and school boards are out pacing inflation by 50% in increases each year and this was the main reason for the bill. It will be very interesting to watch in the coming weeks.